Lion Nathan and Coca-Cola Amatil appear to be the front runners should Australian brewer J Boag & Son go up for sale, according to local reports.

San Miguel Corp., which owns the Australian company, has said recently that it is reviewing its Australian assets. San Miguel has confirmed that it is in talks to sell a stake in Australia's National Foods Group, its biggest overseas business, to Japan's Kirin Holdings. The Japanese company holds a 46% stake in Lion Nathan.

Local reports have noted that J Boag would fit well with Lion Nathan, which is focusing more on "next generation" and "premium" beers and away from traditional "beer heartland" brands.

Meanwhile, CCA head Terry Davis said in a recent interview: "Of course we hear that James Boag is for sale and if that became available we and others would interested."

Davis added that the brewer would be a good fit for its alcoholic beverage portfolio, which is concentrating specifically on the premium beer market.

According to local media, Boag is estimated to be worth approximately A$340m (US$286.67m).