Asahi has proposed to acquire Peroni, Grolsch and Meantime beer brands from Anheuser-Busch InBev, subject to the completion of AB InBev's acquisition of SABMiller.

Asahi's Oceania division has meanwhile increased its earnings ratio up to seven per cent of revenue for the financial year ended December 31.

The Japanese company announced the €2.6 billion deal with AB InBev as part of a long-term strategy of positioning its overseas business as a growth engine, while its soft home market acts as a "cornerstone of earnings".

Euromonitor International's Jeremy Cunnington said the acquisition continues Asahi's strategy of diversifying away from its "stagnant, low margin" domestic market, which accounted for over 90 per cent of the company’s global beer volumes in 2014.

Warwick Business School Professor John Colley said the deal will give Asahi a strong position in many developed markets.

"Access to distribution through these two premium brands and relatively local brewing will mean that Asahi's own range of Super Dry ales can be introduced to a wide distribution as well," he said.

Oceania hits its targets
In its full-year results this week, Asahi reaffirmed that Japan's declining birthrate and ageing population is a key weakness for its business.

The Oceania business, which comprises Australia and New Zealand, achieved revenue of $1.79 billion AUD, with its 7 per cent earnings ratio an improvement on the previous year's result of 6.3 per cent.

"Oceania delivered both its sales and profit target driven by sales increase of growing categories and benefits realised through integration synergy," Asahi said.

The company has targeted Oceania revenue of $1.85 billion for FY16, with an earnings ratio of 7.1 per cent.

"Raw material cost is expected to rise given the weak Australian dollar against US dollar, but this will be managed by reinforcing the earnings structure through production and warehouse footprints optimisation and vertical integration of supply chain," Asahi said.

The company identified the economic slowdown in regions including Oceania as another headwind for its business.

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