17 November, 2006

Japan: Kirin Brewery Co. will spend JPY24.8 billion to purchase controlling stake in Mercian Corp.

Kirin Brewery Co., Japan's biggest beer maker, said it will spend JPY24.8 billion ($210 million) to acquire a majority stake in Mercian Corp. to expand its wine and liquor business, Bloomberg reported November 16th.

Kirin will pay JPY370 per share to buy 50.89 percent of Mercian's voting rights, a 41 percent premium on Mercian's closing price of JPY262 on November 16. The Tokyo-based brewery announced the offer, which will be open from Nov. 17 until Dec. 18, in a statement distributed at the Tokyo Stock Exchange.

Ajinomoto Co., the largest shareholder of Mercian, agreed to sell its entire 12.82 percent stake, according to Kirin.

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