Business News
Japan's Kirin bids for Australian brewer Lion Nathan
Apr 27, 2009, 5:24 GMT
Sydney - Shares in Lion Nathan Ltd leapt 40 per cent Monday after Australia's second-largest brewer agreed to a 6.5-billion-Australian-dollar (4.6-billion-US-dollar) takeover offer from Japanese beer maker Kirin Holdings Co Ltd.
Lion Nathan's board has agreed to sell Kirin the 54 per cent of shares it doesn't already own in the brewer that counts the beer brands Tooheys, James Boag, James Squire, Heineken, Hahn and XXXX in its stable.
The deal needs the approval of the Foreign Investment Review Board and non-Kirin shareholders.
'Lion Nathan will remain an Australasian-based business, employing over 3,000 Australians and New Zealanders and producing some of the regions' best-loved brands with locally-sourced ingredients,' Lion Nathan chairman Geoff Ricketts said.
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