Heineken may accelerate FEMSA deal

Heineken may accelerate FEMSA deal

Heineken may hand shares to FEMSA Cerveza quicker than planned after doubling the maximum value of the first phase of its share buyback programme.

Heineken has raised the limit for the first phase of its existing share buyback programme from EUR100m (US$132m) to EUR200m.

Shares retrieved by Heineken will be handed to FEMSA Cerveza's parent group, Fómento Económico Mexicano, which will take a 20% stake in Heineken in return for yielding ownership of its beer arm.

A Heineken spokesperson told just-drinks today (4 May) that the higher buyback value "gives us flexibility in terms of timing and number of shares per tranche. Heineken can accelerate delivery."

The first phase of the buyback programme will close on 8 June.

Heineken completed its deal to acquire FEMSA Cerveza at the end of last week.