Heineken agreed to buy the stake in August

Heineken agreed to buy the stake in August

Heineken's CFO has said it “makes sense” for Coca-Cola HBC to sell its share of a stake in Bulgarian JV Zagorka so it can focus on soft drinks.

In August, Heineken called time on a 20-year partnership with Coca-Cola HBC at the Zagorka brewery by agreeing to buy out the bottler's equal 49.43% share. The deal, for an undisclosed amount, is pending approval and expected to close in the last quarter of this year.

Today, after the release of Heineken's third-quarter results, chief financial officer Rene Hooft Graafland told analysts that Coca-Cola HBC and the Dutch brewer only partner in beer in Bulgaria and not in soft drinks.

“Hence, for them, it makes sense to sell us the other parts of that beer business, and that has no effect on the operation,” Graafland said.

A spokesperson for Heineken told just-drinks that the remaining 1.14% of Zagorka shares is held by about 1,700 private investors and legal entities.

In today's results, Heineken posted a 1.7% decrease in Q3 sales.