Philippines-based conglomerate San Miguel Corp. is looking to sell a stake in Australia’s National Foods Group to Japanese company Kirin Brewery Co.
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San Miguel, which is the largest food and beverage group in south-east Asia, today (5 July) confirmed that “preliminary discussions on a possible investment by Kirin” are taking place.
Kirin, one of Japan’s leading brewers, is a long-time partner of San Miguel and owns a 20% stake in the company.
San Miguel bought National Foods two years ago in a deal valued at around A$1.9bn (US$1.6bn).
Local reports suggested today that San Miguel is looking to raise cash to move into heavy industry. San Miguel dominates the food and beverage sectors in the Philippines but is understood to be eyeing faster growing industries like mining and infrastructure.
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