By James Atkinson

Japan's Asahi Group Holdings is back on the acquisition trail, announcing it has conditionally agreed to acquire Australian bottled water company Mountain H2O.

Asahi yesterday announced it had made a submission to the Australian Competition & Consumer Commission for clearance of its acquisition of 100 per cent of the issued shares of Mountain H2O.

The deal follows the brewer's acquisition this year of Independent Liquor, as well as its purchase of P&N Beverages.

Established in 2000, Mountain H20's main business is bottling private label products for its grocery customers.

"The acquisition of Mountain H2O will allow Asahi to secure a stable supply of spring water in the growing bottled water market in Australia," Asahi said.

"Additionally, Mountain H2O's high manufacturing capability will enable Asahi to provide high quality spring water products, and enable Asahi Group Holdings, Ltd. to accelerate the streamlining of its Australian beverages business."

The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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