Beam Inc will be part of Suntory Holdings from next week

Beam Inc will be part of Suntory Holdings from next week

Suntory Holdings' proposed takeover of Beam Inc has cleared its final major hurdle and is set to close next week.

US-headquartered Beam said earlier today (22 April) that the European Commission has given the US$16bn transaction, which was announced earlier this year, the green light. The news follows the granting of approval for the purchase from the US Federal Trade Commission last month.

“We have been working with Suntory to help ensure a smooth integration,” said Beam's president & CEO, Matt Shattock. “We’ll be focused on sustaining our momentum and generating sales synergies as we bring our companies together.”

The two companies expect the purchase to complete on Wednesday, 30 April, with Beam's shares ceasing to trade on the New York Stock exchange from next Thursday.