Heineken now owns 42.22% of United Breweries

Heineken now owns 42.22% of United Breweries

Heineken has bought another bank of shares in United Breweries, as the European brewer inches towards securing majority control of India's market leader.

Late last week, Heineken purchased 425,000 shares on the open market, costing in the region of INR394.8m (US$5.9m). With this purchase, the company's holding now stands at 42.22% from the 42.07% it held previously.

In July, Heineken bought out United Spirits' stake in UB for $137.2m. Two months later, the company secured EUR500m ($559.5m) from the placement of a set of notes, only a week after local reports linked it to a move for majority control of United Breweries.

In its annual report, released in September, United Breweries said its market share in the 12 months to the end of March this year hit 52.5%, from 51.3% in the corresponding period a year earlier.