Following some days of market speculation, Philippine food and beverage group San Miguel Corp. has stated publicly that it is not negotiating to sell its stake in the Tasmanian brewer, J Boag & Son, to the Lion Nathan brewing group.

Although some inside sources from San Miguel had already denied the rumours, San Miguel made a formal statement to the stock exchange. "The company is not in talks with Lion Nathan over the sale of J.Boag and Sons Ltd," the company said.