Australia: Lion Nathan plays down South Australian Brewing Company cuts
Trans-Tasman brewer Lion Nathan has played down speculation about the future of its South Australian Brewing Company after it put off 15 contract workers at the Adelaide brewery, Australian news agency, The Age, communicated on February 4.
The job losses have triggered speculation in Adelaide that Lion Nathan is planning more job cuts.
They also come after Coopers' Brewery shareholders derailed Lion Nathan's hostile A$420 million, A$310-a-share bid at a special meeting in December by junking the rights that once put the maker of Tooheys, XXXX and Hahn third in line to buy Coopers shares.
Removing Lion Nathan's pre-emptive rights effectively stopped the brewer from buying Coopers shares, as Coopers shareholders wanting to sell would have to offer their stock first to other Coopers shareholders and then to AMP, which runs the brewery's superannuation scheme.
A Coopers shareholder, Barry Schrapel, has challenged the resolutions scrapping those rights. The case is scheduled to be heard in the Federal Court in Adelaide on February 27.
Coopers is also facing five other legal challenges, including an appeal by Lion Nathan to the High Court that, if successful, would have the effect of ensuring that those resolutions would be declared invalid.
A spokesman for SA Brewing said yesterday that questions about the staffing levels at SA Brewing were without foundation. He said SA Brewing took on temporary contract workers every year to help the brewery get through the busy season. "We have made no announcements or decisions around our staffing levels at SA Brewing and any speculation to the contrary is just that," the spokesman said.
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