FEMSA Cerveza shareholders back Heineken deal

FEMSA Cerveza shareholders back Heineken deal

Heineken has moved a step nearer to closing the takeover of FEMSA Cerveza after shareholders in the Mexican beer unit's parent group approved the deal.

Shareholders of Fomento Económico Mexicano (FEMSA) voted in favour of the deal at the group's annual general meeting yesterday (26 April).

Their approval came less than a week after Heineken's shareholders backed the deal and also follows clearance from Mexico's competition regulator. Both companies are expected to close the takeover within days.

Heineken will acquire full control of FEMSA Cerveza, Mexico's second largest brewer, in return for yielding a 20% stake in its business to FEMSA.

Heineken will also get FEMSA Cerveza's US export business and 83% of the Brazilian beer business that Heineken does not already own.

FEMSA Cerveza yesterday reported a 4% rise in sales for the first three months of 2010, with operating profits up 13%, compared to the same period of 2009.