February 14, 2020 / 7:06 AM / a month ago

Japan's brewer Kirin opposes activist's proposal to buy treasury shares

TOKYO, Feb 14 (Reuters) - Kirin Holdings Co Ltd decided on Friday to oppose an UK-based activist’s proposal to buy treasury shares worth 600 billion yen ($5.47 billion), the Japanese brewer and conglomerate said in a statement.

Independent Franchise Partners has required the brewer to focus on making beer and to sell its non-beer business, Kirin’s chief executive Yoshinori Isozaki told reporters at an earnings briefing.

“Given domestic situation such as ageing and shrinking population, sustainable growth cannot be achieved if we just focus on beer business,” Isozaki said. ($1 = 109.7600 yen) (Reporting by Takashi Umekawa Editing by Shri Navaratnam)

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