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Company News

Japan's Kirin confirms Lion Dairy sale talks with Bega Cheese

TOKYO, Nov 24 (Reuters) - Japanese beverage maker Kirin Holdings Co Ltd confirmed on Tuesday that top Australian cheesemaker Bega Cheese Ltd was among the candidates it was talking to for the sale of its Lion Dairy business, but that no decision had been made.

A source told Reuters on Monday that Bega was conducting due diligence on Kirin’s Lion Dairy & Drinks, which would likely cost around A$550 million ($402 million), although there was no guarantee of a deal.

Kirin was forced in August to scrap an earlier attempt to sell the business to Chinese food conglomerate China Mengniu Dairy Co Ltd for A$600 million after the Australian government blocked the sale amid broader geopolitical tension. (Reporting by Ritsuko Ando Editing by Chang-Ran Kim)

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