SYDNEY (XFN-ASIA) - Lion Nathan Ltd is likely to announce a 200 mln aud share buyback on Thursday when it gives a first quarter trading update, the Australian Financial Review reported without citing sources.
The brewing and wine group, 46 pct-owned by Japan's Kirin Brewery Co Ltd, last year suspended a buyback of up to 5 pct of its issued capital while it vied for the 1.1 bln aud New Zealand ready-to-mix spirit business, Independent Liquor.
Lion Nathan withdrew from the bidding process in December, saying it was unwilling to raise its 1 bln aud offer.
Independent was eventually sold to private equity firms CCMP and Pacific Equity Partners.
A Lion Nathan spokesman declined to comment on the possibility of a share buyback.
Lion Nathan closed up 0.21 aud at 8.43 on Friday, capitalizing the company at 4.50 bln aud.
(1 usd = 1.29 aud)
bruce.hextall@xfn.com
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