Asahi to Acquire P&N Beverages

Asahi Breweries in Japan will buy Australian fruit juice maker P&N Beverages for A$364m (US$322m) to boost its overseas expansion, the company has said.

Asahi president Naoki Izumiya said the firm has earmarked JPY800bn ($9.4bn) for acquisitions over the next five years, according to Reuters.

Asahi recently bought the Australian beverage business of Cadbury for £550m (US$855m), which it plans to combine with its P&N brand, and took a 19.9% stake in China’s Tsingtao Brewery for US$667m.

The acquisition is expected to increase Asahi’s annual Australian sales to more than JPY100bn (US$1.1bn).