12 May, 2006

Japan: Kirin Brewery Co. brings family together

Kirin Brewery Co., Japan's second-largest brewer, said on May 09 it plans to absorb affiliate Kirin Beverage Corp. in a deal worth about 75.2 billion yen ($676.5 million), and would create a holding company structure in July next year to improve efficiency, Reuters communicated on May 11.

Kirin Brewery, maker of Ichiban and Kirin Lager beers, said it would offer 3,350 yen for each of the affiliate's shares that it does not already own.

The offer price would represent a 12 percent premium over Kirin Beverage's closing share price of 2,995 yen on May 09.

Kirin Brewery now owns 59.37 percent of Kirin Beverage.

The Tokyo-based brewer has been spreading its wings overseas and outside the alcoholic beverage business to counter stagnant demand in the competitive domestic beer market.

Before the announcement, shares in Kirin Brewery closed up 0.11 percent at 1,775 yen.

Kirin Beverage's shares closed down 0.83 percent.

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