Bell’s Brewery Sale May Tap Into Longstanding Portfolio Effects Debate* The announced acquisition of Bell’s Brewery by Japanese conglomerate Kirin provides an opportunity to reexamine the much-maligned “portfolio effects” doctrine of merger analysis. Bell’s, the Michigan-based craft brewer of Oberon and Two Hearted Ale, will join Fat Tire maker New Belgium within the Lion Little World Beverages subsidiary of Kirin. Kirin owns a wide array of brands globally, as well as firms in other industries such as pharmaceuticals, real estate, and agricultural biosciences. The antitrust concerns surrounding consolidation of the beer industry have previously been reported in this blog. As a result of a series of mergers, the U.S. beer market is dominated by two transnational conglomerates, InBev and
The US FTC and DoJ, which rejected the legitimacy of the "portfolio effects" doctrine over 20 years ago, could revisit their opinion over the acquisition of a brewery by a Japanese beverages company (Bell’s Brewery / Kirin)
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