07 April, 2006

Australia: Lion Nathan’s defence costs Coopers A$8 Million

Adelaide-based Coopers Brewery has incurred takeover defence and legal costs of A$8 million after facing down Lion Nathan Ltd.'s A$420 million hostile bid last year, the Australian Financial Review reported on April 6, citing Managing Director Tim Cooper.

According to Dow Jones, Cooper told the newspaper the closely held company's beer sales in the eastern states had an unexpected fillip from the publicity generated by Lion's failed tilt.

He told the AFR that in South Australia Coopers' share of the market has been static at between 22% and 24% as Lion and Foster's Group Ltd. (FGL.AU) aggressively pursued extra sales. However, Coopers had made strong gains in other markets, Copper told the newspaper.

Although takeover defence costs ballooned, the company is on track to meet its pretax profit forecast of A$26.9 million in the year ending June 30, Cooper told the AFR.

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