P.M. BRIEFING : Brewery Seeks Sale to Ease Debt

MELBOURNE, Australia —  Australian brewing and investment magnate Alan Bond sought respite today from his huge debt load with a multibillion-dollar deal to sell half his brewing business to New Zealand’s Lion Nathan.

But financial analysts were skeptical whether the deal would succeed after earlier debt-relief plans from Bond have failed. “If it goes ahead, it may buy Bond breathing space,” said broker Nestor Hinzack of Burdett Buckeridge and Young in Sydney. “But that is a big ‘if.’ ”

An elaborate chain of takeovers, acquisitions and approvals from stock market watchdogs and shareholders will be required before the deal is done.

Under the proposal, Perth-based Bond Corp. will sell its Australian breweries to a new venture company for $1.9 billion. Lion Nathan and Bond would end up with equal shares of the new company, Australian Breweries.