Australia: Lion Nathan gains regulatory clearance to buy J Boag & Son

Australia's second largest brewing group, Lion Nathan Ltd, said it has received informal clearance from the Australian Competition and Consumer Commission to acquire premium beer company J. Boag & Son, Thomson Financial reported December 19.

Lion Nathan, 46 percent owned by Kirin Holding Co of Japan, last month said it had agreed to pay 325 million Australian dollars for the long established brewer, which is based in the island state of Tasmania.

Lion Nathin is buying the brewer from Philippine-based San Miguel Corp, Southeast Asia's largest food and beverage group, as part of a wider deal between Kirin and San Miguel.

Remaining conditions required for the transaction are regulatory approval from the Australian Foreign Investment Review Board and the completion of Kirin's purchase of Australian food and beverage group National Foods from San Miguel, it said.

Lion Nathan also said it has received regulatory approval to acquire land in Auckland, New Zealand, to build a new brewery.

(1 US dollar = 1.16 Australian dollars)

19 December, 2007