Kirin Holdings Co. has offered to buy the 54 percent of Lion Nathan Ltd. it doesn't already own, accelerating its push into Australia to counter falling beer sales at home.
The country's largest beverage maker hasn't decided how much to pay for the stake, valued at 2.4 billion Australian dollars (¥165 billion) at Wednesday's closing price, spokesman Makoto Ando said Thursday in Tokyo. Sydney-based Lion Nathan, Australia's second-largest brewer, will consider the "nonbinding" offer, it said in a statement.
The Japanese brewer, which already owns Australia's largest milk processor and juice maker, has boosted international expansion as a declining birthrate reduces potential customers at home and a stronger yen makes foreign acquisitions cheaper. The offer comes two months after Lion Nathan scrapped an A$7.3 billion bid, backed by Kirin, for Coca-Cola Amatil Ltd.
"Kirin has obviously taken a shine to Australian assets and decided to take advantage of the strength in the yen," said Sean Fenton, who manages about $324 million at Tribeca Investment Partners in Sydney. The yen currency has climbed 42 percent against the Australian dollar during the past year.