Lion takeover approved

Brewer Lion Nathan says the New Zealand Overseas Investment Office has approved a takeover of the company by major shareholder Kirin.

Australian-based Lion Nathan says group sales in the nine months to June rose 3 per cent, driven by significant growth in its Australian business. It says it is on track to deliver a A$305 million ($379.8 million) to A$315 million annual net profit before one-off items.

The company said sales volumes in the New Zealand market had softened in the third quarter.