P.M. BRIEFING : Asahi Revises Deal for Brewery

SYDNEY, Australia — Japan’s Asahi Breweries, faced with a steep drop in the share price of Elders IXL, today revised a $787-million deal to buy a major slice of the world’s fourth-largest brewer.

Asahi, Japan’s second-largest brewer, still plans to buy 19.9% of Elders, but it will not buy all the shares from Elders’ debt-laden parent, Harlin Holdings.

“Although Asahi still intends to acquire 19.9% of Elders, it plans to acquire fewer shares from Harlin and to buy the balance on the market in due course,” Harlin, which owns 56% of Elders, said in a statement.

“The basic structure of the original transaction will be preserved,” Harlin said. “In particular, the transaction will have the effect of stabilizing Harlin’s financial position.”

A sharp rally in Elders’ share price today to $1 on a large turnover of almost 4 million shares prompted speculation that Asahi may already have been accumulating in the open market.