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Japan's Kirin, Suntory in merger talks: report

(Xinhua)
Updated: 2009-07-13 09:19

TOKYO: Kirin Holdings Co. and Suntory Holdings Ltd. have begun negotiating a merger to become the biggest beverage maker in Japan, Kyodo News reported Monday, quoting sources close to the matter.

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If realized, the merged entity will become Japan's top firm in both the beer and soft drink markets and one of the world's largest beverage companies. Combined, the two firms had consolidated sales of around 3.82 trillion yen in fiscal year 2008, which ended in December.

Analysts said the deal would drastically alter the power composition of the international food industry and may trigger further realignment.

The two food and beverage makers will aim to reach an early agreement, ironing out details including whether to unite under a holding company, the sources said.

In addition to addressing the declining domestic demand, Kirin and Suntory hope to strengthen their financial standing to remain competitive in the global market by foraying into high-growth foreign markets and active mergers and acquisitions overseas, the report said.