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“While we are no longer progressing with the Kingswell project, we are redirecting investment to a local maturation facility," the group said.
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The Mannheim-based brewer filed for "self-administration" in October.
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The Coca-Cola bottler will spend around half of the investment on its domestic operations, with the rest allocated to the US and South America.
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Poul Weihrauch is to be a “board observer” at the pharma group, which markets GLP-1 drugs under brands including Ozempic and Wegovy.
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Bringing together two of the world’s largest spirits groups offers obvious benefits on costs and on geographic presence but what about sales growth?
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Tilray said the tie-up looked "give an adult upgrade to a beloved classic".
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People familiar with the matter told The Financial Times that PAI, KKR and CD&R have moved to the next round of bidding.
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Both companies already work together in the US, with Paulaner's local subsidiary importing and distributing Tsingtao beers in the market.
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