23 February, 2007

Japan: Steel Partners open to selling stake in Sapporo, as per Reuters

U.S. hedge fund Steel Partners is open to selling its stake in Sapporo Holdings and it would make more sense for the buyer to come from the real estate industry rather than beer, the managing principal of its Japan arm said, according to Reuters, February 22.

Yusuke Nishi said, however, that raising its stake in Sapporo to two-thirds from about 18.6 percent now through a tender offer bid was still the best scenario and that it would hold the shares permanently if management delivered satisfactory returns.

Steel Partners announced last week that it may launch a tender offer to take a 66.6 percent stake in Sapporo, sparking media speculation that Sapporo may turn to Asahi Breweries (2502.T: Quote, Profile, Research) or Kirin Brewery for a white knight bid.

Sapporo shares closed Thursday up 2.7 percent at 913 yen, about 11 percent higher than the fund's offer price of 825 yen.

Nishi told Reuters that Steel Partners that it has not had contact from Kirin, Asahi or any real estate fund about its stake in Sapporo, which is worth about 65 billion yen ($537 million) at the current stock price.

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