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03 January 2008 - 1:00AM
LAUNCESTON brewer J Boag & Son Pty Ltd will soon join the Lion Nathan Ltd fold after the wine and beer maker was cleared by the Australian Foreign Investment Board to buy Boags from San Miguel Corporation.The clearance from the FIRB was the last remaining hurdle after Kirin Brewery Company's purchase of National Foods from the Philippines-based San Miguel, which was completed on December 28, 2007. Lion Nathan also said Foster's Group Ltd had agreed to bring forward the handover date of Boag's mainland Australia distribution to later this month, from June 2008. "Boag's will pay Foster's $6.4 million for the early termination of the distribution agreement and Lion Nathan will assume control of Boag's mainland distribution in mid-January," Lion Nathan said in a statement. Lion Nathan also said that although Boag's managers Pat Riley, Lydon Adams and Richard Benwell had said they planned to leave the firm, they had agreed to stay on in a consultancy role until September to ensure a smooth integration. Asia's largest listed food, beverages and packaging group disposed of Melbourne- based National Foods and Boag's, under deals that allow its key shareholder, Kirin, to increase its footprint in Australia. Lion Nathan bought the historic Launceston brewer for $325 million in November last year.Boag's will join the ranks of Lion Nathan's other beer brands, such as Hahns, Extra Dry, Speights, Steinlager, Tooheys, and XXXX Gold. Lion Nathan previously said it would keep brewing in Launceston and that job losses were unlikely.
LAUNCESTON brewer J Boag & Son Pty Ltd will soon join the Lion Nathan Ltd fold after the wine and beer maker was cleared by the Australian Foreign Investment Board to buy Boags from San Miguel Corporation.The clearance from the FIRB was the last remaining hurdle after Kirin Brewery Company's purchase of National Foods from the Philippines-based San Miguel, which was completed on December 28, 2007. Lion Nathan also said Foster's Group Ltd had agreed to bring forward the handover date of Boag's mainland Australia distribution to later this month, from June 2008. "Boag's will pay Foster's $6.4 million for the early termination of the distribution agreement and Lion Nathan will assume control of Boag's mainland distribution in mid-January," Lion Nathan said in a statement. Lion Nathan also said that although Boag's managers Pat Riley, Lydon Adams and Richard Benwell had said they planned to leave the firm, they had agreed to stay on in a consultancy role until September to ensure a smooth integration. Asia's largest listed food, beverages and packaging group disposed of Melbourne- based National Foods and Boag's, under deals that allow its key shareholder, Kirin, to increase its footprint in Australia. Lion Nathan bought the historic Launceston brewer for $325 million in November last year.Boag's will join the ranks of Lion Nathan's other beer brands, such as Hahns, Extra Dry, Speights, Steinlager, Tooheys, and XXXX Gold. Lion Nathan previously said it would keep brewing in Launceston and that job losses were unlikely.
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