Sobering up
Australia’s leading juice maker Berri Ltd will sell a 50 percent stake to Filipino beverages giant San Miguel Corp, which will give Berri an entry into the Asian market. San Miguel, the largest Philippine food and beverage company, said that it valued Berri at AUD236 million (USD169 million) but did not reveal the price it paid. Last year Berri was a target for Coca Cola Amatil Ltd in an AUD300 million takeover attempt which was rejected by the competition watchdog. The remaining 50 percent of Berri are held by the Australian agribusiness company ICM Group.
This is San Miguel’s second investment in Australia. In 2000, it established a presence with its acquisition of the Tasmanian brewer J. Boag & Son for an estimated sum of USD55 million..
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