Ruling on Speight's leaves sad aftertaste

Speight's will soon be owned entirely by Japanese brewer Kirin. Photo by Gerard O'Brien.
Speight's will soon be owned entirely by Japanese brewer Kirin. Photo by Gerard O'Brien.
My first taste of Speight's beer was as a boarder at Waitaki Boys High School, in Oamaru. It wasn't great.

A friend and fellow boarder took me out to his family's farm at Ngapara and, on Saturday night, we were given a bottle of the liquid gold.

Fortunately, I knew how to get the top off a bottle, having worked in Canterbury shearing sheds in school holidays.

After playing rugby on a Saturday, I was usually delegated the duties of buying the after-match refreshments because I looked older than most of my colleagues.

Wearing my standard issue grey school suit and white shirt, I went mufti by taking off my school tie and walking into a bottle store in the middle of town and buying a dozen quart (as they were then) bottles, which we divided up among us.

It was never my favourite beer, but in Oamaru you drank it because . . . well you just did.

I wish I had enjoyed Speight's more back then because, "mate", Speight's has gone from being a local brew to one that is made here but owned over there.

The Federal Court of Australia has approved a scheme of arrangement under which Kirin Holdings will acquire all the shares it does not already own in transtasman brewer Lion Nathan.

The scheme comes into effect on October 21.

Craigs Investment Partners broker Chris Timms yesterday called last drinks on his research.

His first memory of the beer was it being called "special plonk enjoyed in great hotels throughout the South".

"Lion Nathan is now suspended from official quotation. As a result, we cease coverage effective immediately and bid goodbye from the public eye to one of Australasia's iconic brewers."

Craigs had a farewell function of sorts last night for Speight's at which a few bottles of the beer were held fondly.

Lion Nathan shareholders last month voted overwhelmingly for a $A3.5 billion ($NZ4.3 billion) takeover deal that will see Kirin, which was already Lion's controlling shareholder, acquire the rest of the brewer.

Kirin will buy the 53.87% of Lion Nathan shares that are held by other shareholders for $A12 each.

Good on ya, mate.

 

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