Injunction Sought Against Purchase Of Brazilian Brewer

SAO PAULO (AP) — The minority shareholders of Brazilian beer producer Schincariol are seeking an injunction against the $2.53 billion bid by Japan's Kirin Holdings Co. for a controlling stake in the Schincariol Group, one of their lawyers said Thursday. Cristiano Zanin Martins said the injunction was filed Wednesday for his clients, Gilberto, Daniela and Jose Augusto Schincariol.

SAO PAULO (AP) — The minority shareholders of Brazilian beer producer Schincariol are seeking an injunction against the $2.53 billion bid by Japan's Kirin Holdings Co. for a controlling stake in the Schincariol Group, one of their lawyers said Thursday.

Cristiano Zanin Martins said the injunction was filed Wednesday for his clients, Gilberto, Daniela and Jose Augusto Schincariol. The three siblings own 49.55 of the company's shares.

He said the transaction announced earlier this week ignored the rights of first offer and first refusal to which shareholders are entitled.

He said the minority shareholders have the wherewithal to match Kirin's bid, but didn't elaborate.

Schincariol's press office said the company would not comment on the injunction request.

Judge Juliana Bicudo is expected to rule on the request by Friday, Martins said.

Under the deal, Kirin acquired the 50.45 percent stake in the beer maker controlled by brothers Alexandre and Adriano Schincariol, who are cousins of the three minority shareholders.

If the deal with Kirin goes through it will be one of the largest overseas takeovers by a Japanese company this year and will advance Kirin's efforts to find new growth overseas to offset a shrinking population at home.

Kirin aims to generate 30 percent of its sales and profits from outside Japan by 2015. In 2009, it bought full control of major Australian brewer Lion Nathan Ltd. and almost half of San Miguel Brewery Inc. of the Philippines.

With Schincariol, Kirin hopes to gain a foothold into South America's biggest economy, where the beer and soft drink markets are worth an estimated 3 trillion yen ($38.8 billion) each.

Schincariol is the second-largest beer producer in Brazil, known for brands such as Nova Schin, Devassa and Bem Loura. It also ranks third in the country's carbonated soft-drinks market.

It owns 13 factories and a nationwide distribution network in Brazil.

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