Shares of Japan beer makers fall after raids over cartel suspicion (updated)
UPDATE 1-Shares of Japan beer makers fall after raids over cartel suspicion Changes story format, adds background and updates share moves
TOKYO, Oct 7 (Reuters) - Shares of major Japanese beer makers fell nearly 4% on Wednesday after Japan's Fair Trade Commission said it raided the country's four major beer makers on suspicion of collusion in sales of beer and other products to wholesalers.
The beer divisions of Kirin Holdings Co 2503.T, Asahi Group Holdings 2502.T, unlisted Suntory Holdings as well as Sapporo Breweries 2501.T, which together control more than 90% of Japan's domestic beer market, are suspected of coordinating prices over several years.
Public broadcaster NHK said the Fair Trade Commission was probing whether the companies formed a cartel when they raised prices in April last year and October 2022, citing factors including rising raw material costs.
The anti-trust watchdog is expected to continue its investigation and could file a criminal complaint, a source familiar with the matter said, declining to be named because the person was not authorised to talk to the press. The Commission declined to elaborate on the investigation.
Shares in Sapporo fell as much as 3.73%, while Kirin briefly shed a little over 3% to hit its lowest level in more than three months. Asahi dropped nearly 2.5% before recouping some losses.
In statements, the four beer makers separately confirmed the raids and said they intend to cooperate with the investigation.
The Fair Trade Commission has carried out similar probes into well-known Japanese companies in recent months. In June, it raided six Japanese ice-cream makers, including Morinaga Milk Industry 2264.T and Meiji Holdings 2269.T, over allegations of operating a cartel.
(Reporting by Kentaro Okasaka; Writing by Hina Suzuki and Satoshi Sugiayama; Editing by Muralikumar Anantharaman and Lincoln Feast.)
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