THE NETHERLANDS: Grolsch sales up as SABMiller starts offer period
Grolsch has posted a lift in both sales and profits for the first ten months of last year.
The Dutch brewer, which is the subject of a takeover by SABMiller, said today (7 January) that operating profit in the period from January to October 2007 rose to EUR26.2m (US$38.6m) from EUR21.3m in the corresponding period a year earlier. Sales also headed north, up to EUR278.5m from EUR262.3m.
Net profit performed equally well, climbing to EUR18.2m from EUR13.6m.
Grolsch saw the unseasonable weather last summer across Europe fail to dent sales, with Western Europe posting a lift to EUR241.1m from EUR230.5m in 2006. The rest of the world delivered sales of EUR37.4m against EUR31.8m.
Grolsch announced the figures today in light of the fact that the results were disclosed in the offer memorandum in relation to SABMiller's tender offer.
The company will issue its full annual statement next month.
Separately, Grolsch and SABMiller confirmed today that the latter's recommended offer will begin tomorrow, and run until 5 February. Grolsch will convene an EGM to be held on 28 January, during which the offer will be discussed.
The offer, which values Grolsch at EUR816m (US$1.19bn), equates to EUR48.25 per share for the Dutch brewer.
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