Heineken to acquire FEMSA Beer Operations in All Share Transaction
11 Janeiro 2010 - 6:50AM
Dow Jones News
Brewer Heineken NV (HINKY) said Monday it will acquire the beer
operations of Fomento Económico Mexicano SAB de CV (FMX), or Femsa,
through an all-share transaction, valuing Femsa at EUR5.3
billion.
"This is a compelling and significant development for Heineken
which will transform our future in the Americas", said Heineken
Chief Executive Jean Francois van Boxmeer.
As a result of the transaction, Femsa will hold a 20% economic
interest in Heineken Group with 12.5% of Heineken NV and 14.9% of
Heineken Holding. In addition, Femsa will be given the right to
appoint two non-executive representatives to the Supervisory Board
of Heineken and one of these representatives will also be appointed
to the Board of Directors of Heineken Holding.
The Dutch brewer eestimates that annual cost synergies will
amount to EUR150 million by 2010 whereby the deal is earnings per
share accretive after two years.
Heineken expects to close the transaction in the second quarter
of 2010.
By Anna Marij van der Meulen; Dow Jones Newswires, +31-20-5715
201; annamarij.vandermeulen@dowjones.com
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