Home›US Markets›M&A & Deals›Japan raids major beer makers over alleged price-fixin…

Japan raids major beer makers over alleged price-fixing cartel

Asahi, Sapporo and Kirin saw their shares fall after the investigation news broke, while Suntory, which is not publicly listed, also confirmed the searches.

Reported · Written up by our desk · M&A & Deals

Japanese officials raided premises of Asahi, Sapporo, Kirin, and Suntory as part of an investigation into alleged cooperation to raise beer prices, according to BBC Business.

The searches were carried out by the Japan Fair Trade Commission, and all four companies said they would cooperate fully with the regulator, BBC Business reported.

The probe focuses on price increases announced in April last year and in October 2022, the outlet said, adding that the companies cited higher raw material costs and other factors when they raised prices.

BBC Business also reported that Asahi, Sapporo, and Kirin shares fell after the investigation became public, while Suntory is not publicly listed.

More like this

Sources