 | E-Malt.com News article: Australasia: Lion Nathan gets approval from ACCC to proceed with a bid for Independent Liquor
The Australian Competition and Consumer Commission (ACCC) gave Lion Nathan, the Australasian premium alcoholic beverages company with operations in Australia and New Zealand, the go-ahead to proceed with a full bid for Australasian pre-mixed mixed spirits group Independent Liquor, New Zealand Herald posted October 30.
After a three-week review of the spirits market, the ACCC found no reasons to oppose the proposed acquisition by Lion, which had already received clearance from the New Zealand Commerce Commission.
The Commerce Commission said it cleared the proposed acquisition because of the strength of existing competitors and their ability to increase supply to the relevant markets.
Lion Nathan has refused to comment on any decision to buy Independent Liquor.
It brings to six the shortlist of bidders preparing to undertake due diligence on the AU$1.2 billion (US$1.4 billion) business, the Australian Financial Review reported.
The others are Foster's Group, British-based drinks giant Diageo, Coca-Cola Amatil and two private equity groups, Pacific Equity partners and Nikko Principal Investments.
Foster's, which is thought to hold 12 per cent of the spirits market in Australia, has chosen to wait until later in the sale process before it seeks ACCC clearance.
A Diageo Australia spokeswoman confirmed it had formally applied to the ACCC for clearance, but wouldn't confirm if the company would make an application to the Commerce Commission over New Zealand assets.
The Commerce Commission last week said it hadn't received an approach from Diageo Australia, which makes Bundaberg rum and includes brands such as Guinness, Johnnie Walker and Smirnoff.
Independent Liquor was put up for sale after founder Michael Erceg was killed in a helicopter crash last November.
Investment bank UBS, which is running the sale process, said in August it expected to have announced a buyer by Christmas.
01 November, 2006
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