The Philippines: San Miguel Corp, Southeast Asia's largest food and beverage group, said on Wednesday, 26 January 2005, it would borrow up to $1.85 billion to acquire up to 100 percent of Australia's National Foods Limited. San Miguel launched a $1.4 billion bid for the Australian dairy group in December, topping a bid by New Zealand dairy giant Fonterra, according to Reuters.
"The company confirms that it has entered into a commitment letter pursuant to which lenders have agreed to arrange financing on an underwritten basis of up to $1.85 billion for the acquisition of up to 100 percent of the shares in National Foods Limited of Australia," San Miguel said in a statement to the Philippine Stock Exchange.
On Monday, Fonterra said it would extend the offer period for its $1.2 billion bid for National Foods, Australia's biggest milk producer, to Feb. 15 from Feb. 1.
San Miguel, 20 percent owned by number-two Japanese brewer Kirin Brewery Co., had earlier said it would fund the bid from new debt facilities and existing cash on hand.
San Miguel, which had debts of about 32 billion pesos ($578 million) at the end of September 2004, has also said it would launch a rights issue that could raise about $323 million, which could help it cover the cost of the National Foods acquisition.
The Philippine firm has said it wants to double the revenue contribution of its international business to at least 30 percent. San Miguel dominates its home market in beer, liquor, soft drinks, processed food and poultry products. In August, San Miguel bought half of privately held Berri Ltd, Australia's biggest juice maker.
In the past 18 months it has also bought a Thai brewery for $102 million, acquired a Malaysian packaging firm, formed a joint venture with a Singapore coffee business, and forged lease agreements for production facilities in Vietnam, Indonesia and Thailand. San Miguel's A shares exclusive to local investors closed unchanged at 58 pesos on Wednesday, same with its B shares open to all investors which were steady at 77.50 pesos. The Philippine stock market main index slid 1.01 percent.
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