AUSTRALIA: San Miguel buys stake in Berri
The Philippine drinks and food producer San Miguel has taken a 50% stake in the Australian fruit juice producer Berri.
Although the purchase price was not disclosed, San Miguel said the deal valued Berri at A$335m.
In a statement, San Miguel chairman and CEO Eduardo Cojuangco said the acquisition will complement his company's current portfolio and fits with its strategy to expand overseas.
Berri currently holds a 50% share of the Australian juice market. Last year, it was the target of a takeover bid, which failed, by Australia's Coca-Cola Amatil.
Berri CEO Alison Watkins said Berri will benefit from San Miguel's strengths, including its production, distribution and packaging capabilities.
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