P.M. BRIEFING : Bond Corp. to Sell Its Breweries in Deal With Bankers, Subsidiary

Alan Bond’s struggling flagship, Bond Corp. Holdings Ltd., struck a deal with its bankers and an independent subsidiary today that will cost it control of the Australian breweries that are its major asset.

Bond Corp. agreed to sell the breweries, which supply about 40% of the 5 billion cans of beer drunk every year in Australia, to its 58%-owned Bell Resources Ltd. for $1.85 billion ($1.4 billion U.S.).

The deal does not affect Bond’s U.S. breweries, which include La Crosse, Wis.-based G. Heileman Brewing Co., Bond Corp. said.

Cash flow from the Australian breweries, producers of Swan lager, was the driving force behind the construction of Bond Corp.’s now shaky empire, which is struggling with debts of $5.06 billion (U.S.).

Bond Corp. agreed today to limit immediately its voting rights in Bell Resources to 25% and to sell its holding in the company down to 25% by March, 1991.