A dozen well-liked Kiwi wine products have exchanged hands in a contract amid two drinks industry heavy-duty. According to Pernod Ricard New Zealand it had settled to trade preferred Gisborne and Hawkes Bay wine products and properties to Lion Nathan New Zealand and its combined venture associate Indevin for $88 million.
The transaction caught up 12 brands, counting Lindauer, Saints, Verde, and Corbans.
Roads have been cleared for Lion Nathan to merge with Kirin's Australian dairy processing business, National Foods, as stakeholders voted overwhelmingly for the transaction. About 91.9 per cent of non-Kirin shareholders favored the scheme be implemented on October 21, at the meeting that took place today.
The new entity Lion Nathan National Foods Pty Ltd will become soon operational under Lion chief Rob Murray.
It has been confirmed by Lion Nathan that it is fully geared to meet its full year profit guidance, following a growth in group sales by 3 per cent in the first nine months of its financial year.
It was forwarded by the brewer - which is supposed to be bought by Japan's Kirin - that its Australian business has seen an enormous growth in the nine months ended June 30, bringing about a 6 per cent lift in net sales revenue.
As per the media reports, Lion Nathan Ltd’s first-half profit rose 6.9 percent as it sold more premium domestic beers. Lion Nathan is the Australian brewer and has been bought recently by Kirin Holdings Co.
A statement issued by Sydney- based Lion Nathan said that its net income rose to A$176 million ($136 million) in the six months ended March from A$164.6 million a year earlier.
As per media reports, the terms for $2.5 billion takeover by Japanese brewer Kirin, which is making a rapid push into Asian markets, has been agreed upon by Australian brewer Lion Nathan Ltd.
From quite a while now, Lion Nathan, Australia's No.2 beer maker, has been in negotiations with the terms for Kirin's offer, which was first announced late in April.