Philippines & Japan: Kirin Brewery Co. Ltd., Japan's second biggest brewer, announced on April 11 it had acquired 68.81 million shares of Manila-based food and beverage conglomerate San Miguel Corp. for 10.1 billion yen or PHP5.14 billion (US$93.19 million). The purchase, effective April 7, is designed to maintain Kirin's stake in San Miguel at about 20 % after a rights offer to help fund the Philippine company's overseas expansion.

With the acquisition Kirin slightly raised its stake in San Miguel to 20.06 % from 19.67 %. San Miguel B shares, which are available to foreigners, were trading at 81 pesos in Manila on Monday. The domestic A shares were at 57 pesos, Reuters commented.

San Miguel expects to raise $280 million to $300 million from the rights offer to finance its expansion, including a $1.46 billion takeover of Australia's National Foods Ltd., won by the Philippines company won on Monday. Kirin bought the shares directly from San Miguel.

Various agencies in the government currently holds a total of about 40 % of San Miguel's shares. The government plans to sell its stake in the company this year as part of a privatisation programme.

Prior to the announcement, shares in Kirin fell 1.65 percent to close at 1,075 yen. The Nikkei average ended down 1.09 percent. ($1=108.37 yen)