Arab Today, arab today kirin to buy 25bln stake in brazil drink firm
Last Updated : GMT 05:44:25
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Kirin to buy $2.5bln stake in Brazil drink firm

Arab Today, arab today

Arab Today, arab today Kirin to buy $2.5bln stake in Brazil drink firm

Tokyo - AFP

Japan\'s Kirin Holdings said Tuesday it will buy a company that holds a majority stake in Brazilian brewer Schincariol for 198.8 billion yen ($2.56 billion), as it looks for overseas growth amid a declining domestic picture.Schincariol is Brazil\'s second-largest beer producer and third-largest carbonated soft drinks drinks maker, known for its Nova Schin, Devassa Bem Loura, Glacial, Baden Baden and Eisenbahn brands.The Tokyo-based company said the strategic purchase of Aleadri-Schinni Participacoes e Representacoes S.A., which holds a 50.45-percent stake in the family-run Brazilian brewer, will enable it to build a solid foothold in the rapidly expanding Brazilian market.The 3.95-billion-real acquisition is the latest in a string of deals for Japanese brewers as they search for overseas growth opportunities to offset a declining domestic market, helped by the strength of the yen.Although Kirin President Senji Miyake denied at a press conference that the yen\'s strength was behind the decision to buy Schincariol, the deal nevertheless gives Kirin access to Brazil\'s large and growing beer and soft drinks markets, valued at roughly 3 trillion yen each, the company said.Those markets \"are expected to maintain stable growth powered by Brazil\'s economic expansion due to continuous population and personal income growth\", Kirin said in a statement.Schincariol, which employs approximately 10,000 people, saw sales of 2.85 billion real ($1.82 billion) in 2010.Kirin said it funded the deal through cash on hand and loans.Moody\'s ratings agency issued a statement saying it had put the Japanese brewer on review for possible downgrade because the deal weakened its credit profile and \"introduces Kirin to a new market in which it has limited expertise\".A shrinking population and a shift away from beer drinking in Japan is forcing the nation\'s brewers to bolster their overseas operations.Industry-wide beer shipments slipped 3.5 percent to 200.3 million cases in June.Kirin, which owns Australia\'s Lion Nathan and has a 48-percent stake in San Miguel Brewery of the Philippines, last year scrapped a proposal to merge with domestic rival Suntory.Japan\'s Asahi Group Holdings last month said it had reached an agreement with Malaysia\'s CI Holdings to buy its Permanis unit in a deal worth roughly 21.6 billion yen ($274 million).Permanis, Malaysia\'s second-largest soft drinks maker by sales volume, has exclusive rights to bottle, market and sell PepsiCo brands such as Pepsi, 7-Up, Gatorade and Tropicana in the country.Kirin shares were 0.34 percent lower in Tokyo trade Tuesday at 1,147 yen.

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