Australia: Coopers’ beer production rise by 37% in November year on year
Coopers Brewery's beer production increased by 37 % in November from a year earlier to a new record, boosted by demand ahead of Christmas and by its new bottling and packaging equipment Reuters reported on December 2 .
Family-owned Coopers, battling a hostile A$420 million ($311 million) bid from Lion Nathan Ltd. (LNN.AX: Quote, Profile, Research), stated the soaring production showed why Lion Nathan was so eager to buy Coopers.
"Lion Nathan doesn't have growth that goes anywhere near ours," Coopers Managing Director Tim Cooper announced in a statement.
Production in November jumped to 618,000 cartons from 450,000 cartons a year earlier, with the group filling more bottles to meet what it expects to be a busy Christmas.
Cooper said the group would consider expanding its warehouse space to meet rapidly growing demand. Coopers shareholders will vote on December 7 on whether to remove Lion Nathan's pre-emptive rights to Coopers' shares, which would derail the takeover bid.
As a holder of pre-emptive rights, Lion Nathan is exempt from a rule in the company's constitution that prevents the sale of shares to a competitor.
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