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Japan's Suntory to buy GSK drink brands for $2.1 billion

Japanese drinks giant Suntory said Monday it would buy the top-selling Lucozade and Ribena brands from British drugs firm GlaxoSmithKline for $2.1 billion. The deal, part of Suntory's bid to expand overseas to counter a shrinking domestic market, was expected to be completed by the end of the year, Suntory said. Energy drink Lucozade and the Ribena juice brand would help Suntory's food and beverage unit move closer to hitting a 2.0 trillion yen ($20 billion) annual sales target in 2020, it said.

Suntory unit shares rise 1.45% in Tokyo debut

Shares in Suntory's food-and-beverage unit closed 1.45 percent higher on their Tokyo debut Wednesday, after the Japanese drinks giant raised about $3.9 billion in the world's second-biggest initial public offering this year. The firm, which owns the Orangina brand and distributes a range of foreign products in Japan including Pepsi and Jim Beam bourbon, spun off the lucrative unit as it eyes more foreign acquisitions. The sale followed a string of overseas deals aimed at offsetting a shrinking market at home.

Shares in Japan's Suntory unit in modest rise on debut

Shares in Suntory's food-and-beverage unit rose modestly on their market debut Wednesday, gaining more than two percent after the biggest initial public offering in Japan this year. Suntory Beverage & Food stocks started up 0.65 percent at 3,120 yen against their initial public offering (IPO) price of 3,100 yen. They extended the gain to 2.58 percent after the first 30 minutes of trading in a broader market moving downwards. The benchmark Nikkei 225 index was off 0.12 percent.

Suntory unit shares to start trading in Tokyo

Shares in Suntory's food-and-beverage unit were to start trading on the Tokyo Stock Exchange Wednesday morning after the biggest initial public offering in Japan this year. The Japanese drinks maker said last month it had raised 387.5 billion yen ($3.9 billion) in its share sale after a string of overseas acquisitions aimed at offsetting a shrinking domestic market. About 125 million shares were sold at 3,100 yen apiece in the privately held company's Suntory Beverage & Food unit. The pricing was at the low end of a range announced in May.
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