Report: Suntory Not Considering IPO Of Spirits BusinessJanuary 5, 2017
Suntory Holdings president Takeshi Niinami says the company is not planning an initial public offering of Beam Suntory, according to Reuters. The report claims Niinami said at a recent gathering of corporate executives in Tokyo that the conglomerate is “not considering any listing in the U.S.,” refuting an earlier report by Japan’s The Mainichi Daily that Suntory was exploring just such a move.
According to the Mainichi, Suntory has been exploring the possibility of listing Beam Suntory on the New York Stock Exchange, and was recently in talks with overseas investment banks regarding the potential IPO.
This past summer, the Financial Times reported that tensions were high between Suntory executives in Japan and the Beam Suntory management team due to disagreements over the IPO issue. However, Beam Suntory chairman and CEO Matt Shattock said in November that the reports of discord were overblown.
Suntory Holdings is privately held, with Kotobuki Realty Co. Ltd., the fund management firm for members of Suntory’s founding family, controlling roughly 90% of its shares. —Peter ZwiebachSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.