Kirin subsidiary Lion Nathan has dropped its A$7.7bn bid for Australian soft drinks group Coca Cola Amatil.
Lion Nathan ended its interest after failing to win the backing of Coca Cola, the US soft drinks giant that owns a 30% stake in Amatil.
Lion Nathan expressed its disappointment that discussions had been concluded and said it was surprised Amatil “[had] not meaningfully engaged with Lion Nathan given the attractiveness of its… proposal”.
“We made a very attractive offer at a 30% premium in very challenging market conditions,” said Lion Nathan chief executive Rob Murray. “We are not, however, prepared to invest further effort pursuing this transaction unless all parties are willing to try to facilitate an outcome.”
A successful bid would have represented the largest acquisition to date by the Japanese Kirin group, whose Lion Nathan subsidiary operates leading Australian brands including Tooheys and XXXX.