Japan: Sapporo beer sales increased after Steel Partners' tender offer bid
Japanese brewer Sapporo Holdings, which faces a takeover attempt by a U.S. fund, said its overall beer shipments in February likely rose more than 10 percent, their first year-on-year rise in 10 months, Reuters reported March 5.
It said the introduction of a new beer-like drink in February boosted sales but that Steel Partners' tender offer bid and extensive media coverage of it may have helped.
"Sales momentum was stronger last month than other months when we launch new products," Sapporo spokeswoman Sariko Tamayama said.
Asked if Steel Partners' takeover bid helped push up sales, she said: "We've been hearing that it might have."
Steel Partners said on Feb. 15 it may launch a tender offer to raise its stake in Sapporo to two-thirds from about 19 percent, triggering media reports of possible "white knight" counter bids from bigger rivals Asahi Breweries Ltd. and Kirin Brewery Co. Ltd.
The offer came a day after Sapporo, maker of Yebisu and Black Label brand beer, introduced new beer-like drink called "Umai Nama". Shipments in the beer-like drink category likely jumped about 50 percent in February from a year earlier, Tamayama said.
Credit Suisse analyst Yukiko Oshima said: "We can't rule out the possibility that there are people who would buy Sapporo products because the company's name has been appearing a lot, but we don't know how much impact it has."
Sapporo will announce February beer shipment figures on March 12.
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