WHILE the global financial crisis works its way into the Australian economy, we've seen a lot of changes in the role multinationals play in the beverages industry.
These moves aren't necessarily caused by the recent events, but they do suggest some global food and beverage groups reckon the world has changed enough to reassess their investment portfolios.
These changes have been mostly driven by two things - brands and diversification.
In recent months, we have seen a number of icon brands change ownership, including Schweppes, Pepsi, Spring Valley, Dairy Farmers, Golden Circle, energy drink V, and a host of wine labels.
Late last year, global drinks and confectionary group Cadbury agreed to sell its local Schweppes business to Japanese brewer Asahi.
US-food group Heinz took over Golden Circle, which for years had limped under a strained co-operative model and several failed refinancings.
Japanese brewer Kirin's National Foods also took over co-operative Dairy Farmers, to expand the base of that milk and juice juggernaut.
There's more to come. The most dynamic drinks group, Coca Cola Amatil, which has done much to diversify itself away from reliance on its famous brown fizzy syrup, is also prone to a takeover.
Kirin is in this picture, reported to be negotiating with the US-based Coca-Cola Company about the future of the Australian drinks market.
Kirin's 46 per cent-owned Lion Nathan made an unwanted $8 billion offer for CCA last year, in which the CCC has a 30 per cent stake.
An interesting twist is that CCC has first right of refusal over the Schweppes business, as part of a 10-year-old deal done with Cadbury.
The competition regulator will be heavily involved here. The ACCC has in the past stopped a marriage of CCA and Berri, now part of Kirin, so this deal has wider competition issues, given CCA is now a key player in the beer and spirits distribution markets.
The spate of action by Japan's expansive brewers is not new. They have spent years moving away from dependence on the Japanese market.
The changes come at an interesting time, with beer proving recession-proof but soft drinks struggling for growth in a more health-conscious market.
Wine is also in change mode. A return of the wine glut may force the owners of many major Australian labels to attempt at least to find new owners for unwanted wine interests.
Fosters has been trying to work out what to do with its troublesome wine division for several years, not long after it took out rival Southcorp.
We may see a resolution soon, although recent events have not made a decision any easier.
A return of chronic oversupply was threatened well before the economic turmoil lopped the word "premium" out of marketing speak.
Fosters is pledging to make an announcement on the fate of the wine division by mid-February.
Does it mean we've seen the ownership of more Australian businesses heading offshore? Most change moves ownership from one international to another, and these sectors are now well-established as parts of global brand stables.
