P.M. BRIEFING : Asahi Pitches Australian Brewer
TOKYO — Asahi Breweries Ltd. said today that it has proposed to buy a nearly 20% equity stake in Elders IXL Ltd., Australia’s largest brewer, for about $809 million.
The investment would be made late in October under a basic agreement with Harlin Holding Pty Ltd. of Australia, Elder’s biggest shareholder, Asahi officials said.
If the deal is completed, Asahi would be the second-biggest shareholder in Elders after Harlin, which now has a 56% stake, the Asahi officials said.
The Elders group, made up of three affiliated breweries, has a 3.5% share of the world’s beer market.
Its wholly owned Carlton and United Breweries subsidiary has a 48% share in the Australian beer market.
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