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News
Japan eyes up Australasia
Asahi and Suntory have approached the Australian and New Zealand drinks group Independent Liquor with a view to making an offer for the business. Independent Liquor specialises in the production of pre-mixed spirits such as Vodka Cruiser, but also manages distribution of key brands including Whyte & Mackay and Carlsberg.
This latest move comes less than a month after Suntory agreed to buy Danone’s Frucor unit in New Zealand. Both drinks companies are looking to expand overseas in a bid to counteract the current slump in domestic sales as Japan’s economy enters a recession.
Both Asahi and Suntory have wide reaching involvement across the global drinks industry. Suntory already has a controlling stake in Château Beychevelle and Morrison Bowmore Distillers, while Asahi enjoys a distribution agreement with Maxxium for the Japanese market.
Independent Liquor was acquired from its founder in 2006 by Pacific Equity Partners and CCMP Capital Asia for NZ$ 1.25 billion (US $663 million). At the time there was strong interest in the group from a number of drinks brands and private equity firms.
Gabriel Savage 26/11/08