Shares of Austrian brewer and beverage maker BBAG fell over 4% yesterday, despite the fact that speculation over the company’s announcement last week that it was looking for major partner to turn it into Central Europe’s dominant brewer.
Shares in BBAG slipped 4.35% to close at €77.00 However traders believe it was a case of profit-taking and still think the shares will rise in the medium term. Deutsche Bank, for one, has raised the price target for BBAG to €95 from €70 and maintains its “buy”. Rating on the stock.
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Deutsche Bank said the potential acquisition price for BBAG would be at least 105 euros per share, based on the group’s assets.
It is thought that Thursday’s announcement from BBAG will spark a bidding war between Europe’s top brewers, who will be keen to tap into BBAG’s growth potential.
BBAG has invited potential partners to submit proposals, leaving open the possibility of a change in ownership. And, Heineken, SABMiller and Interbrew are the favourites so far, although Carlsberg and S&N have also been mentioned.
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