TURKEY: Anadolu Efes closes Efes Breweries International share hunt
Anadolu Efes has closed its bid to acquire the remaining shares it does not already own in Efes Breweries International, after upping its stake by only 3.5%.
Back in July, Anadolu, which then held around 70% of Efes Breweries International (EBI), launched a buy-out for the outstanding shares at US$11.1 per global depositary receipt in the unit.
Having extended the deadline to this week, Anadolu said it had bought up a further 3.5%, and now controls around a 73.47% stake.
When contacted by just-drinks today (4 September), a spokesperson for Anadolu's financial adviser, Rothschild, said that the remaining shares in EBI were held by "a small concentration" of large shareholders, some of which were "probably Russian funds", who had preferred not to sell.
Anadolu declared the purchase hunt closed, and has no plans to up its offering for the outstanding shares, the spokesperson said.
EBI represents Anadolu Efes' international beer operations, with a presence in four countries - including Russia - with nine breweries and four malteries. In addition, EBI also has a 28% share in Central European Beverages (CEB), which has beer operations in Serbia.
Anadolu Efes booked a decline in full-year sales in its international beer operations due to a reduction in beer demand caused by the global slowdown....
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