NETHERLANDS: Heineken begins share buybacks for FEMSA
Heineken has begun its share buyback programme
Heineken has begun its share repurchase programme, announced as part of its acquisition of FEMSA Cerveza.
The Netherlands-based brewer confirmed today (8 March) that it plans to buy back shares up to a maximum of EUR100m (US$136.5m) over the next three months. The shares will be delivered to FEMSA Cerveza's previous owner, Fomento Económico Mexicano (FEMSA), upon completion of the acquisition of the Mexican firm's brewing unit.
Heineken beat SABMiller to FEMSA Cerveza in January, in a deal worth EUR3.8bn. The share-centred transaction will see Heineken deliver around 29m shares to FEMSA in two instalments per year over a period of not more than five years.
FEMSA will amass a stake of around 20% in Heineken once the transaction is completed.
For the first phase of the buyback, Heineken has mandated a bank to repurchase shares starting today and concluding on 8 June.
“Heineken will regularly inform the market about the progress made in the execution of this programme,” the company noted.
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