Conversely, Asahi (TSE:2502, Financial) declined after reporting lower fiscal year sales and profits due to unfavorable foreign exchange and slowing domestic liquor and soft drinks business. Questions surrounded Asahi’s acquisition of Australia’s Carlton & United Breweries; regulators raised objections to the deal due to monopoly concerns in the Australian cider/beer market.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund fourth-quarter 2019 shareholder letter.
