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Japanese brewers call off merger | Japanese brewers call off merger |
(about 11 hours later) | |
Japanese brewing and food groups Kirin and Suntory have called off merger negotiations. | Japanese brewing and food groups Kirin and Suntory have called off merger negotiations. |
In a statement, Kirin said it was unable to agree with Suntory on ways to ensure management independence and transparency within the merged company. | In a statement, Kirin said it was unable to agree with Suntory on ways to ensure management independence and transparency within the merged company. |
Suntory blamed the breakdown in talks on a disagreement over the merger ratio which would have determined control of the new business. | Suntory blamed the breakdown in talks on a disagreement over the merger ratio which would have determined control of the new business. |
A deal would have created one of the world's biggest food groups. | |
"Kirin had been negotiating on the premise that the new entity would be managed as a listed company in order to ensure appropriate management independence and transparency. However, it became apparent that Suntory held a different view on this matter," Kirin said in a statement. | "Kirin had been negotiating on the premise that the new entity would be managed as a listed company in order to ensure appropriate management independence and transparency. However, it became apparent that Suntory held a different view on this matter," Kirin said in a statement. |
Suntory's founding family owns 90% of the privately held firm and were likely to have become the new company's largest shareholder with a one-third stake. | Suntory's founding family owns 90% of the privately held firm and were likely to have become the new company's largest shareholder with a one-third stake. |
The announcement that the deal was off caused Kirin's shares to fall 5%. | The announcement that the deal was off caused Kirin's shares to fall 5%. |
Kirin is the maker of Ichibanshibori beer and Afternoon Tea bottled drinks, while Suntory is known for its Premium Malt's beer and Boss canned coffee. | Kirin is the maker of Ichibanshibori beer and Afternoon Tea bottled drinks, while Suntory is known for its Premium Malt's beer and Boss canned coffee. |
Last year, Kirin and Suntory posted combined sales of beer, soft drinks and food of about $42.5bn. | Last year, Kirin and Suntory posted combined sales of beer, soft drinks and food of about $42.5bn. |
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