San Miguel in talks with Kirin to sell Australia assets

0 Comments | AFP, July, 2007

MANILA (AFP) — Philippines brewer San Miguel Thursday said it was in talks for a possible sale of its stake in Australian dairy firm National Foods to Japan's Kirin Brewery.

"We wish to inform you that San Miguel Corp and Kirin Brewery Co Ltd are in preliminary discussions on a possible investment by Kirin in National Foods Ltd," San Miguel said in a brief disclosure to the Philippine Stock Exchange.

San Miguel's disclosure followed a report earlier Thursday in the Australian Financial Review that Kirin was considering a two billion plus Australian dollar (1.7 billion-plus US dollar) acquisition of San Miguel's Australian dairy and fruit juice assets.

Kirin, the largest shareholder in San Miguel with a stake of about 20 percent, was keen to expand in...