Japan: Kirin Brewery Co., Ltd entered into share exchange agreement with Kirin Beverage Corporation
Kirin Brewery Co., Ltd. ("Kirin Brewery") and Kirin Beverage Corporation ("Kirin Beverage") announced July 10 that they have entered into a share exchange agreement (the "Share Exchange Agreement") in order to make Kirin Beverage a wholly-owned subsidiary of Kirin Brewery pursuant to approvals by the respective boards of directors of Kirin Brewery and Kirin Beverage, the notification of share exchange agreement said.
With the objective of making Kirin Beverage its wholly-owned subsidiary, Kirin Brewery conducted a tender offer for Kirin Beverages' shares between May 12, 2006 and June 15, 2006 (the "Tender Offer").
As of July 10, Kirin Brewery holds 97.07% (53,392,016 shares) of Kirin Beverages' issued shares (55,002,370 shares). Presently, Kirin Brewery and Kirin Beverage agreed to make Kirin Beverage a wholly-owned subsidiary of Kirin Brewery and entered into the Share Exchange Agreement, aiming to achieve a dramatic allocation of resources to the soft drinks industry and enhance intra-group synergistic effects in connection with the Kirin Group's corporate restructuring.
Kirin Brewery has obtained the approval of the Minister of the Ministry of Finance with respect to its business restructuring plan pursuant to the Industrial Revitalization Law and the approval as required.
Kirin Brewery Co., Ltd. (parent company) net sales as for December 2005 amounted ¥1,632,249 millions. Kirin Beverage Corporation (wholly owned subsidiary) net sales as for the same date totalled ¥379,366 millions.
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