Lion Nathan's Boags purchase brewing

The clearance from the FIRB was the last remaining hurdle after Kirin Brewery Company's purchase of National Foods from the Philippines-based San Miguel, which was completed on December 28, 2007.

Lion Nathan also said Foster's Group Ltd had agreed to bring forward the handover date of Boag mainland Australia distribution to later this month, from June 2008.

"Boag will pay Foster's $6.4 million for the early termination of the distribution agreement and Lion Nathan will assume control of Boag mainland distribution in mid January," Lion Nathan said in a statement.

Lion Nathan also said that although Boag managers Pat Riley, Lydon Adams and Richard Benwell had said they planned to leave the firm, they had agreed to stay on in a consultancy role until September to ensure a smooth integration.

Asia's largest listed food, beverages and packaging group disposed of Melbourne-based National Foods and Boag, under deals that allow its key shareholder, Kirin, to increase its footprint in Australia.

National Foods was sold to the Japanese beer maker for $2.8 billion, including interest-bearing debt of about $1.8 billion, as Kirin looks to expand its business into dairy products.

Lion Nathan bought the Tasmanian brewer for $325 million in November last year.

San Miguel acquired it in 2000 for $92 million.

Boag will join the ranks of Lion Nathan's other beer brands, such as Hahns, Extra Dry, Speights, Steinlager, Tooheys, and XXXX Gold.

Lion Nathan aims to expand in the premium beer market, which makes up 11 per cent of the total market compared to New Zealand, where it represents about 20 per cent.

Lion Nathan previously said it would keep brewing in Launceston, and the acquisition would be earnings per share (EPS) accretive from fiscal 2009, the first full year of ownership.

Lion Nathan shares closed Wednesday one cent higher at $9.62.