UPDATE 1-Japan's brewer Kirin opposes activist's proposal to buy treasury shares [Reuters]
KIRIN HLDGS CO LTD S/ADR (KNBWY)
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Source: Reuters
UPDATE 1-Japan's brewer Kirin opposes activist's proposal to buy treasury shares (Adds context) TOKYO, Feb 14 (Reuters) - Kirin Holdings Co Ltd decided on Friday to oppose an UK-based activist’s proposal to buy treasury shares worth 600 billion yen ($5.47 billion), the Japanese brewer and conglomerate said in a statement. Independent Franchise Partners, which owns a 2% stake in Kirin, has called on the company to focus on beer, sell non-core businesses and use proceeds from sales to buy treasury stocks - a strategy Kirin CEO Yoshinori Isozaki said the company opposed. “Given the domestic situation such as an ageing and shrinking population, sustainable growth cannot be achieved if we just focus on the beer business,” Isozaki told reporters at an earnings briefing. Beer consumption in the country has more than halved since the 1990s, government statistics show. To diversify away from the shrinking domestic beer market, Kirin has moved into the pharmaceutical business with affiliate Kyo
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