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TOKYO - Kirin Brewery Company said today it intends to buy a controlling stake in wine maker Mercian Corp for about US$211 million ($324.26 million), as it seeks growth outside of Japan's shrinking beer market.
Japanese brewers have been diversifying and making forays overseas as the domestic beer market remains limited by a reducing population and increasing choice of alcoholic drinks.
Kirin, which vies with Asahi Breweries Ltd for the title of top beer maker in Japan, has taken a 46 per cent stake in Australian brewer Lion Nathan and 20 per cent of the Philippines' San Miguel Corp.
In its latest acquisition Kirin said it would pay 370 yen ($4.84) per Mercian share, a 41 per cent premium to Mercian's closing price on Thursday of 262 yen. It aims to buy 67 million shares, giving it a 51 per cent stake in terms of voting rights.
- REUTERS
