Asahi Buying Stake in Australian Brewery: Japan’s...
From Times Staff and Wire Reports
Asahi Buying Stake in Australian Brewery: Japan’s Asahi Breweries will pay $770 million for a 19.9% stake in Australia’s largest company, Elders IXL, the maker of Foster’s beer. The linkup between Japan’s second-largest brewery and Elders, the world’s No. 4 beer maker, paves the way for an Asian powerhouse in the brewery business. Elders Chairman John Elliott agreed to sell 446.6 million Elders shares held by his Harlin Holdings Ltd. and relinquish majority control of the company in order to reduce a $1.6-billion debt.
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