Jim Beam To Be Acquired By Japanese Company

(AP Photo/Bruce Schreiner, File)

First it was Belgian Bud, now it’s Japanese Jim.

Fox Business Network’s Jo Ling Kent explains:

Nothing will be lost in translation about this. Japanese drink maker Suntory has agreed to buy Deerfield, Illinois-based Beam for about $16 billion dollars. The deal brings together Beam’s Jim Beam, Maker’s Mark and Knob Creek bourbons, with Suntory’s Japanese whiskeys, Bowmore Scotch whiskey and Midori liqueur. The acquisition will make Suntory the third largest maker of distilled drinks in the world. This comes after the privately-held Suntory floated its food and non-alcoholic beverage company to raise money for international acquisitions. Beam President and CEO Matt Shattock will continue to run the business. Beam shares surged 24% in midday trading on the news.

In New York, Jo Ling Kent, FOX News Radio.