E-Malt.com News article: Canada & Japan: Sapporo Breweries Ltd. gets state approval to buy Sleeman Breweries Ltd.

The Sapporo Breweries Ltd. unit of Japan's Sapporo Holdings Ltd. said October 10 Canada's Ministry of Industry had granted approval for its CA$17.50-a share offer to buy Sleeman Breweries Ltd., Reuters announced October 10.

The offer, valued at about CA$300 million (US$265 million) and which amounts to CA$400 million when the assumption of debt is included, is set to expire on October 17.

Sleeman already brews Sapporo beer in Canada under a licensing agreement.

Sleeman, Canada's third-biggest brewer with about 7 percent of the country's beer market, had hired an investment firm in May to consider selling the business and had agreed in August to accept Sapporo's offer.

(US$1=CA$1.13 Canadian)


11 October, 2006