SPAIN: Damm ups San Martin and Font Salem stakes
Damm is looking to up its stake in water subsidiaries Aguas de San Martin de Veri and Font Salem.
In a statement filed with Spanish Stock Market watchdog CNMV, the Spanish brewer said that it will launch an €27m share offer which will enable it to raise its Aguas de Veri stake to 99% from 34% and obtain a 30% stake in Font Salem
Damm did not reveal its current stake in Font Salem.
The company bought the San Martin and Font Salem shareholdings from Spanish food concerns Knorr and Quesos Forlasa respectively. It paid €5m for San Martin and €22.6m for Font Salem.
With three factories in Spain, Font Salem makes and distributes soft drinks, beer and mineral water brands. San Martin sells bottled mineral water in the Catalunya (Barcelona) area.
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