TURKEY: Anadolu Efes to buy out Efes Breweries International
Anadolu Efes has said it plans to buy out all shares that it does not already own in Efes Breweries International for around US$140m in cash.
Anadolu Efes, which has a 70.22% stake in Efes Breweries Breweries International (EBI), said today (17 July) that it plans to take full control of the brewer, which is listed on the London Stock Exchange.
The Turkey-based drinks group will offer $11.1 per global depositary receipt in EBI. Each receipt represents five ordinary shares.
"The decision to make an offer has been taken considering the combination of the low liquidity of EBI GDRs, which started trading on the London Stock Exchange in 2004, the current economic and trading environment and EBI's financial leverage."
These factors, Anadolu said, would make it difficult to raise funds to expand EBI's business in its current form.
The offer will be funded by Anadolu's existing cash reserves and a EUR50m (US$70.5m) loan, which was secured on 29 June from Rabobank.
If successful, the offer will value EBI at 4.1% of Anadolu's consolidated total assets, as of fiscal 2008.
Anadolu Efes posted an increase in net profit today (12 November) and increased its volumes for the first nine months of the year....
A consumer shift to lower priced beers damaged net sales at Efes Breweries International in the first nine months of 2009, but cost savings enabled the brewer to improve profits....
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