JAPAN: Kirin, Suntory merger talks collapse
Merger talks between Japanese food and drink makers Kirin Holdings and Suntory have ended after seven months.
Kirin, the owner of Australia's Dairy Farmers and National Foods, said this morning (8 February), that the two sides failed to agree on whether the combined business should be listed.
A statement from Kirin said negotiations – which started in July – had been “terminated”.
Kirin said it had entered into talks on the basis that the new entity would be listed to “ensure appropriate management independence and transparency”.
Suntory, however, had a “different view on this matter”, Kirin claimed.
The company added: “Kirin determined that even if negotiations were to continue, they were unlikely to result in the establishment of a company that would fulfil Kirin's aim of developing as a leading global company and earn the understanding and approval of Kirin's domestic and overseas customers, employees, shareholders and other stakeholders.”
Officials at Suntory, which makes various health food brands in Japan, where it also distributes Haagen Dazs ice cream, could not be reached for immediate comment.
Kirin Holdings has cut its sales and profits forecast for the first half of 2010....
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