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Japan's Kirin opposes $5.4bn share buyback proposal from activist

UK-based IFP had demanded that brewer focus on core beer business

Yoshinori Isozaki, Kirin's president, speaks at press conference on Friday (Photo by Yoshinaru Sakabe).

TOKYO -- Japanese beverage group Kirin Holdings is opposing a proposal by an activist investor that it buy treasury shares worth 600 billion yen ($5.46 billion), the company announced on Friday.

According to a statement from the Japanese company, London-based Independent Franchise Partners is demanding that the brewer choose unaffiliated directors it has suggested and provide more incentives for directors, in addition to buying treasury stocks.

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