TURKEY/NETHERLANDS: Anadolu Efes to swallow international beer arm
Anadolu Efes is chasing the last remaining shares in its international beer arm
Anadolu Efes has announced the endgame in its plan to take full control of its international beer arm, Efes Breweries International.
The Turkey-based brewer said today (10 June) that it will acquire all remaining shares in Efes Breweries International (EBI).
The Turkey-based drinks producer and bottler owns 99.85% of EBI and plans to buy the remaining 0.15% via a "squeeze-out procedure".
Company law in the Netherlands, where EBI is based, allows any firm owning more than 95% of another company to file an appeal with the courts to gain the remainder of that company's shares.
"The squeeze-out process is anticipated to take between four to nine months to complete, although it may take longer," said Anadolu Efes, which owns Efes beer and bottles drinks for The Coca-Cola Co in Turkey.
It has agreed to a court request that it pay US$3.4 per remaining EBI share, which are held as Global Depository Receipts (GDRs) on the London Stock Exchange.
In April, Anadolu Efes paid $287m for a further 26% in EBI, taking its stake to 99.45%. Since then, the group has been swallowing outstanding shares, held as GDRs.
Last month, Anadolu Efes announced a swing to net profits in the first quarter of 2010, but weaker demand for beer caused a fall in sales for the period.
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