Australia: Lion Nathan looks to buy Independent Liquor
Lion Nathan Ltd has applied July 04 to the New Zealand Commerce Commission (NZCC) for the clearance necessary to potentially acquire the Independent Liquor (Independent) business in New Zealand, the company released.
The application has been made to allow the Company to keep open all options in the event that the Independent business is offered for sale in the coming months and does not amount to a commitment to make an offer for Independent.
The business was put up for sale after the death of its founder Michael Erceg last year and is expected to be worth between AU$700 million and AU$1 billion.
Independent Liquor has been an aggressive and profitable player in the market, particularly in ready-to-drink spirit brands such as Purple Goanna and the Vodka cruiser range.
It has also grabbed market share in the competitive beer market, offering cheaper prices for Haagen beer, which it makes, and imports of Carlsberg, Tuborg and Grolsch.
But the death of founder, Michael Erceg in a helicopter crash last November saw Independent Liqour appoint UBS to it advise it on a potential sale
Lion Nathan had been mentioned as a possible contender, allowing it to expand its fledgling ready-to-drink market.
It is stressing the application is purely part of the process and it is just keeping its options open, and it should not be read as a commitment to make a bid.
The brewer and wine producer says it does not have enough information on Independent's business to know whether it will make an offer or not.
DB Breweries has ruled itself out, saying it will concentrate on its beer range and expanding its own ready-to-drink products.
The Commerce Commission will determine whether the purchase will substantially lessen competition in the alcohol market.
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