Asahi Group Holdings Ltd. has withdrawn its plan to acquire U.S. sparkling-water maker Talking Rain Beverage Co., aiming instead to focus its overseas expansion on Europe with the purchase of four beer companies from British brewer SABMiller plc, company officials said Wednesday.
The Japanese liquor and beverage company was expected to acquire the U.S. company for around 50 billion yen ($459 million). But with the decision to acquire the four European beer companies, Asahi shifted its overseas strategy to focus on Europe.
The acquisition of the beer brewers, including Birra Peroni S.r.l. of Italy and Royal Grolsch NV of the Netherlands, is contingent on the envisioned takeover of SABMiller by Anheuser-Busch InBev of Belgium.
Asahi said in February that it agreed to acquire the four beer companies for about 329.7 billion yen.