Kirin to seek 43% stake in San Miguel Brewery

TOKYO, Jan. 19 Kyodo -
Kirin Holdings Co. said Monday it will enter into exclusive negotiations to
acquire a 43.25 percent stake in San Miguel Brewery Inc. from the leading
Filipino brewer's parent San Miguel Corp.
Kirin and San Miguel expect to sign a definitive agreement by the end of
February, the major Japanese brewer said in a statement.
The investment will ''significantly contribute'' to the further growth of
Kirin's alcohol business in Asia and Oceania, it added.
San Miguel Brewery commands a share of around 95 percent of the beer market in
the Philippines. With a workforce of around 2,800, the company chalked up sales
equivalent to about 83.8 billion yen in 2007.
While Kirin and San Miguel have yet to work out the details of the deal, the
43.25 percent stake would be worth 108 billion yen based on San Miguel
Brewery's market capitalization of 250 billion yen.
Kirin holds a stake of nearly 20 percent in San Miguel, a major beverage and
food maker in the Philippines, which would own 51 percent of San Miguel Brewery
after concluding the deal with Kirin.
==Kyodo