Heineken implementing FEMSA takeover

Heineken implementing FEMSA takeover

Heineken has begun the second phase of its plan to deliver shares to Mexico's FEMSA, as part of the brewer's all-share takeover of FEMSA Cerveza.

Heineken will buy back EUR150m-worth (US$183.6m) of its own shares from the open market and deliver them to Fomento Económico Mexicano (FEMSA) by 17 November, the Netherlands-based brewer said today (1 July).

Under the terms of Heineken's US$5.5bn buyout of FEMSA's beer arm, the Dutch brewer will yield a 20% stake in its own business to FEMSA. 
 
Around 5.5m shares out of a total target 29m have already been handed to the Mexican drinks and retail group.

Last night, the Heineken and Hoyer families said they would spend EUR50m to strengthen their control of Heineken Holding NV, Heineken's parent group, after their stake was diluted by the FEMSA deal.