Australia Bars $368M Asahi-P&N Combo

Law360, New York (March 9, 2011, 12:52 PM EST) -- Australia's antitrust watchdog on Wednesday blocked Asahi Breweries Ltd.'s AU$364 million ($368 million) bid for P&N Beverages Australia Pty. Ltd. amid concerns that the deal would eliminate an important carbonated soft drink supplier.

The Australian Competition and Consumer Commission said it would oppose the Japanese beverage giant's efforts to buy out Australia's third-largest soft drink provider.

"At the heart of the ACCC's concerns is that the proposed acquisition will remove a vigorous and effective competitor in the markets for the supply of carbonated soft drinks ......
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