ASEAN KEY DESTINATIONS
Japanese firm offers to buy remaining shares of Philippine brewer
Kirin Holdings of Japan wants to buy out the remaining shareholders of San Miguel Brewery Inc (SMB), reported The Manila Times.
In a filing with the Securities and Exchange Commission (SEC), the tender offer period would start March 16 until April 17 this year, with the Japanese beer-maker offering to acquire up to 886.1 million SMB common shares, or the 5.75 percent held by the public.
Kirin is also eyeing to acquire the 43.25-percent stake of San Miguel Corp. (SMC) in SMB for $1.2 billion to be paid in two tranches. Aside from the Philippines’ biggest beer business, the Japanese brewery, which is a significant SMC shareholder, is also eyeing to acquire the overseas beer business of Southeast Asia’s biggest food and beverage concern.
Japan’s beverage giants are looking beyond their traditional markets for opportunities to grow their business in the face of a shrinking population in the world’s second largest economy.
Under its agreement with SMC, Kirin will purchase shares of SMB from the parent at 8.841 peso a share, for a total acquisition price of 58.9 billion peso.
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