Kirin-Suntory Deal Called Off
By: Bernardo Lopez | FoodBizDaily.com
February 08 2010 – Japan’s largest beverage company, Kirin Holdings Co., will not be buying Suntory Holdings Ltd. A move that would of made Kirin the world’s fifth largest food maker had they not drawn back from the $10 billion asking price. Reports on why they would not take the offer say Suntory had asked a stake of at least 33.4% in the merge, which would have given Suntory the ability to veto power takeovers and other major decisions.
Kazuyasu Kato, Kirin’s President, spent $7 billion expanding the company overseas in the past three years, despite Kirin shares having fallen the most in the past 15 months, falling 7.4%, the most since October of 2008.
