Australia's Lion Nathan to buy San Miguel unit for $A325M

Alcoholic beverage producer Lion Nathan, a unit of Japan’s Kirin Holdings, said Thursday it has agreed to acquire 100 percent of J. Boag & Son from San Miguel Corp. for A$325 million. “The acquisition is conditional on regulatory approvals as well as the completion of Kirin Brewery Co.’s purchase of National Foods also announced today," Lion Nathan said in a statement on its website. The purchase will be funded by Australia-based Lion Nathan’s existing cash, combined with debt facilities. J Boag & Son is a beer company based in Tasmania. Lion Nathan said its acquisition is “highly strategic" as its draught is “complementary to Lion Nathan’s mainstream/step-up portfolio." Lion Nathan expects to assume control of J Boag & Son in early January 2008. Earlier Thursday, Kirin announced that it will be acquiring 100 percent of National Foods Ltd. from San Miguel Corp. for A$2.8 billion. In a statement posted on its website, Kirin, which owns almost 20 percent of San Miguel itself, said the investment will “reinforce the foundations for a quantum leap in growth as well as boost the group’s presence in Asia and Oceania." Kirin said the purchase will be finalized by the end of 2007. It plans to make National Foods a consolidated subsidiary. - GMANews.TV