17 Jul 2009

Lion Nathan takeover confirmed by NZ Overseas Investment Office

7:05 am on 17 July 2009

Lion Nathan says the New Zealand Overseas Investment Office has given approval for a takeover by Japanese brewer Kirin.

The company has again forecast an after-tax profit of between $A305 - $A315 million for the 2009 financial year.

Group sales in the nine months to June have risen 3%, driven by significant growth in its Australian business.

However, there was some "softening of volumes" in New Zealand in the third quarter.

In June, the Australian Competition and Consumer Commission confirmed that it did not plan to intervene in the acquisition.

Lion Nathan signed an implementation agreement in May enabling Kirin to acquire the remaining 53.87% of Lion Nathan shares that it did not already own for $A12.22 per share.

For the deal to succeed, at least 75% support from non-Kirin shareholders of Lion Nathan is required at a meeting, expected to take place in September or October.