UK: S&N completes UBL purchase
Scottish & Newcastle has completed its acquisition of a major stake in United Breweries Ltd. The company said today (3 May) that, following its initial announcement late last year, it has completed the purchase of the 37.5% stake in the Indian brewer.
The completion of this acquisition gives S&N an equal stake with the group of shareholders led by Dr Vijay Mallya, Chairman of UBL (the VJM Group), the company said in a statement.
Following a UBL board meeting last Friday (29 April) in Goa, S&N and the VJM Group have each appointed two directors to the UBL Board and jointly appointed three independent non-executive directors.
S&N also announced the appointment to the UBL board of Lesley Jackson who will take up the executive role of chief financial officer.
Jackson has served in a number of senior finance roles in S&N's UK business, including acting as UK finance director and business development director in Bulmers, S&N UK's cider business.
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