POLAND: SABMiller agrees Kompania Piwowarska takeover

By just-drinks.com editorial team | 14 May 2009

SABMiller has signed a deal to buy up all the shares it does not already own in Poland's leading brewer, Kompania Piwowarska, for US$1.1bn.

SABMiller announced alongside its full-year results today (14 May) that it has agreed to acquire the remaining 28% stake in the brewer from Kulczyk Holding, in return for 60m new SABMiller shares.

It valued the deal at $1.1bn, based on SAB's closing share price on the London Stock Exchange on 13 May of GBP12.2. Kulczyk will have a 3.8% share in SAB as a result of the deal.

SABMiller CEO Graham Mackay said of Kompania Piwowarska, which owns the Tyskie, Lech and Zubr brands: "Over the past ten years the business has consistently delivered exceptional performance, growing market share from 15% in 1999 to 43% today, through the development of the country's most successful beer brand portfolio."

The UK-listed brewer said: "SABMiller believes that owning 100% of its largest and most profitable business unit in Europe will be of significant strategic benefit in the medium term."

Earlier this year, Kompanie Piwowarska announced that it planned to cut more a than 70 jobs at its Kielce brewery and more than a dozen at its Opole distribution centre, due to slowing demand for beer in Poland in the economic downturn.

Sectors: Beer & cider

Companies: SABMiller