February 17, 2014 / 5:51 AM / 4 years ago

Suntory head says Beam purchase to aid expansion in BRIC markets

OSAKA, Japan, Feb 17 (Reuters) - The head of Suntory Holdings Ltd said on Monday the $13.6 billion takeover of U.S. whiskey maker Beam Inc would help the Japanese spirits maker expand in emerging markets Brazil, Russia, India and China.

Under the deal, announced last month and worth $16 billion including debt, Suntory paid a 25 percent premium to Beam’s share price at the time, leading many to suggest that Suntory had overpaid.

“For 1.7 trillion yen ($16.7 billion), we purchased a dream for the future and global growth for the next 10 to 30 years,” Suntory President Nobutada Saji told a news conference in the western Japan city of Osaka. “I don’t think it was expensive.”

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