Kirin Holdings Co. won a Brazilian court ruling allowing it to proceed with its takeover of Schincariol Participacoes & Representacoes.
The court in Sao Paulo state in a ruling Monday overturned a previous injunction blocking the deal, said Fabio Rosas, a partner at Tozzini Freire Advogados, the law firm representing Kirin. The injunction was granted Aug. 4 after minority shareholders Jose Augusto Schincariol, Daniela Schincariol and Gilberto Schincariol Jr. sued, claiming they have the right of first refusal to the controlling stake that Kirin purchased in August.
On Aug. 1, Kirin paid 3.95 billion reals ($2.2 billion) for Aleadri-Schinni Participacoes & Representacoes SA, which owns 50.45 percent of Schincariol. The deal, which was the global beer industry's second-largest this year, gave Tokyo-based Kirin a foothold in Latin America's largest beer market with brands such as Nova Schin and Devassa, whose television ads feature socialite Paris Hilton.
"The acquisition was legitimate and was made with all the care in the world, so it's not a surprise that the justice recognized it," said Fabio Ozi, a partner at Mattos Filho Veiga Filho Marrey Junior & Quiroga Advogados, the law firm representing majority shareholder Adriano Schincariol and Aleadri-Schinni, who also appealed the injunction.