Heineken's ongoing attempt to buy the remaining shares of Brau Union Hungaria is under threat. Hungarian financial watchdog PSZAF has called on the Dutch company to provide more information related to the public offer it made for the outstanding shares of the Hungarian brewery.

Heineken has five days to submit the requested information, otherwise PSZAF will refuse the current, third buyout offer of Heineken. The ruling follows a PSZAF decision last month, when the watchdog suspended Heineken's third public offer for Brau shares for 30 days.

The three offers followed the purchase of Brau Union AG, the parent company of Brau Hungaria, by Heineken. Heineken NV acquired a 93.2% stake in Brau Union Hungaria in October 2003.

PSZAF also ruled that Heineken must modify the EUR/HUF exchange rate of the offer - instead of the rate of 31 December 2002, the average of official central bank rates between 23 July and 20 October 2004 must be used.

Heineken's current third offer follows two earlier offers that were rejected by PSZAF, due in part to the lower-than-required offer price - small shareholders challenged the offers on the same grounds. The current offer price is HUF 16,362 for both ordinary and preference shares, a figure based on the share price prior to the group's acquisition of Brau AG in October 2003, and Brau Union Hungaria's 2002 cash flow.