Kirin Holdings acquires F&N stake

Kirin Holdings acquires F&N stake

Kiring Holdings has agreed to acquire nearly 15% of Fraser & Neave for JPY84.6bn (US$967.8m) as part of the Japanese drinks firm's plan to expand overseas.

Kirin has signed a deal to acquire shares in Singapore-based Fraser & Neave (F&N) from Seletar Investments Pte Ltd, a subsidiary of investment firm Temasek Holdings, the Japanese brewer said today (26 July).

The move will hand Kirin a 14.7% stake in F&N, which has a joint-venture in South East Asia with Heineken, named Asia Pacific Breweries.

"This transaction will provide Kirin with opportunities to expand its business base in the fast-growing South East Asian market, and Kirin plans to work closely with F&N to enhance the enterprise value for both companies," said Kirin.

The firm said the deal, which values F&N at JPY411.6 per share, should be complete by 29 July.

Kirin already owns Australia's Lion Nathan - which jointly produces and sells Heineken's brands in the country - and a near-49% stake in San Miguel Brewery.

Earlier today, Kirin lowered sales and profits guidance for the first half of 2010.