Heinekens share buyback will see the brewer hand FEMSA a 20% stake

Heineken's share buyback will see the brewer hand FEMSA a 20% stake

Heineken has doubled the value of the latest phase in its share buyback programme.

The Netherlands-based brewer, which began the programme almost a year ago, is looking to buy shares back in order to hand them to Fómento Económico Mexicano (FEMSA). Heineken bought FEMSA Cerveza from Mexico's FEMSA at the beginning of 2010.

The third phase of the buy-back, covering the period from 18 November last year to 16 June, has had its value doubled to EUR300m (US$)425.5m from the original EUR150m, Heineken said today (21 March).

When contacted by just-drinks, a spokesperson for Heineken said: "Our cash position and current market conditions allow us to accelerate the share repurchases related to the FEMSA beer businesses acquisition."

Heineken is looking to give FEMSA around 29m shares in total, representing about 20% of the Dutch company.