ACCC clears Kirin purchase of Lion Nathan

Posted by Isobel Drake on 29th June 2009

The Australian Competition and Consumer Commission has given the green light to Kirin’s purchase of brewer Lion Nathan.

The Australian competition watchdog was the final regulatory hurdle that needed to be cleared by the Japanese firm after receiving approval from the Foreign Investment Review Board (FIRB) on June 19. The decision by the ACCC – announced Friday afternoon – came five days earlier than expected.

The $3.5 billion takeover still requires the approval of Lion shareholders, however, with the deal likely to be sealed in October.

“Lion Nathan currently anticipates that it will lodge the scheme booklet with ASIC (the Australian Securities and Investments Commission) in July/August and that the scheme meeting will be held in September/October 2009,” Australia’s second largest brewer advised.