14 December, 2006

Australia: ABB and Lion Nathan stocks slid

ABB Grain Ltd. (ABB AU), Australia's biggest barley exporter, dropped 21 cents, or 3.1 percent, to A$6.65, according to Bloomberg, December 11. The company said it may receive as much as 73 percent less grain this year than last year because of a worsening drought, reducing the amount it will have for sale.

Lion Nathan Ltd. (LNN AU), Australia's second-biggest brewer, slid 17 cents, or 2.1 percent, to A$7.93. The company withdrew its bid for New Zealand's Independent Distillers Group, giving up the opportunity to expand in pre-mixed spirits which are winning market share from beer.

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