Japan's Suntory to buy drugs firm GSK's drink brands for US$2.1 bil.
AFPTOKYO--Japanese drinks giant Suntory said Monday it would buy the top-selling Lucozade and Ribena brands from British drugs firm GlaxoSmithKline for US$2.1 billion.
September 10, 2013, 12:04 am TWN
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 (US$20 billion) annual sales target in 2020, it said.
The unit, which debuted on Tokyo's stock exchange in July after a US$3.9 billion share sale, said it would “actively pursue” more cross-border deals.