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Lion Nathan says gets regulator OK for Boag buy

Tue Dec 18, 2007 11:58pm EST

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MELBOURNE, Dec 19 (Reuters) - Brewer Lion Nathan Ltd LNN.AX said on Wednesday it had received informal clearance from Australia's competition regulator for its proposed A$325 million ($302 million) acquisition of brewer James Boag.

Lion Nathan, Australia's second-largest brewer, is buying premium brand Boag's from Philippines based San Miguel Corp (SMC.PS), boosting its share of Australia's beer market by about 2.5 percentage points to 44.5 percent.

Premium beers have been growing in popularity in recent years while traditional brands have had flat sales, and their high margins make them especially attractive to brewers.

Lion has said the acquisition will be earnings positive from 2009. The deal still needs Australian government approval.

Kirin Holdings (2503.T) has a 46 percent stake in Lion Nathan.

($1=A$1.16) (Reporting by Victoria Thieberger)



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