Heineken completes FEMSA share buyback

Heineken completes FEMSA share buyback

Heineken has completed a scheme to buy back 29.17m of its own shares, which it has agreed to hand to Fomento Económico Mexicano (FEMSA) in exchange for ownership of the FEMSA Cerveza beer business.  

Heineken said today (3 October) that all the shares will be delivered to FEMSA by the end of this month. It has so far delievered all but 1.07m shares to the Mexican group.

The share scheme was set up as part of Heineken's deal to acquire FEMSA' beer unit, FEMSA Cerveza, announced in early 2010. Heineken said today that, based on its current equity base, it expects to have 586.3m shares outstanding following the FEMSA buyback scheme. This figure, it said, is based on the weighted average of diluted shares in 2011.