Kirin clinches Fancl deal to propel health pivot

Switching lanes: Minakata at Kirin’s headquarters in Tokyo. He says it may take time for consumers to associate the brand with drugs and health foods. — Reuters

TOKYO: Japan’s Kirin Holdings has secured enough shares to take over supplement maker Fancl, its new president says, overcoming rival buying by an overseas fund and furthering the beermaker’s transition into healthcare.

Takeshi Minakata, who rose to the top role in the company in March, said he wanted to declare victory when Kirin’s tender offer was due to close on Wednesday, but financial regulations forced an extension to Sept 11 after Hong Kong-based MY.Alpha Management lifted its stake in Fancl to around 10%.