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NETHERLANDS: Heineken to buy remaining shares in Spanish operation

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Heineken España shares were suspended this morning on the Madrid Stock Exchange after news broke that Heineken International was about to announce a Public Offer for the remaining shares not directly or indirectly owned by the Dutch multinational.

The Dutch group already has control of 84.74% of the company and has decided to launch the offer to the minority shareholders due to the illiquid state of the market and the remote possibility of paying dividends over the next few years due to high interest charges and amortisation costs associated with the purchase of the Cruzcampo assets.

The offer which will be formalised later this week will be € 7.5 per (US$4.8) share, a premium of 32% on last night's closing price and 25% over the average of last 90 days

Heineken España has just announced H1 losses of just over € 4m, in spite of a net operating profit of just over € 12m. Interest charges, restructuring costs and other extraordinary items, which are likely to continue over the next year or so have led to the negative financial result.

Heineken España continues to enjoy a 36% share of the Spanish beer market through its Aguila-Amstel, Cruzcampo and Heineken brands and group sales in H1 reached € 390 million.


Beer - Netherlands 2001
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Companies: Heineken

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