KEY POINTS:
SYDNEY - Lion Nathan, Australia's second-largest brewer, will sell a brewery in New Zealand after dropping its bid for drinks group Independent Liquor, the Australian Financial Review said today.
The paper said that Lion had planned to move the brewery in Auckland to a site where Independent has a plant.
Lion pulled out of the bidding this week for privately-held New Zealand drinks group Independent, saying it could not justify raising its bid, reportedly around $1.15 billion.
Analysts value the brewery at up to A$130 million ($150 million). Lion is also considering a sale and leaseback arrangement as one option, the paper said.
There have been several approaches from interested parties, the paper quoted the sale's handler, property firm CB Richard Ellis, as saying.
Lion Nathan, 46 per cent owned by Japan's Kirin Brewery Co, is the dominant liquor group in New Zealand with beer brands such as Lion Red and Steinlager.
- REUTERS
