HEIO Heineken Holdings

AMSTERDAM—Heineken NV said Wednesday it has decided to end a €750 million ($829 million) share-buyback program to remain financially flexible amid a rapidly consolidating global beer industry.

The Dutch brewer, which made the announcement in a trading update for the third quarter, said it discontinued the program nearly halfway through it after making a series of acquisitions in Slovenia, the U.S. and Africa.

The move comes as the global beer industry is undergoing a wave of consolidation. Earlier this month, Anheuser-Busch InBev NV reached a deal to buy SABMiller PLC for $104 billion, which some analysts say could open up acquisition opportunities for their largest rivals.

Heineken, the world's No. 3 brewer after AB InBev and SABMiller, has said previously that it was following the proposed transaction but had no comment. The Amsterdam-based brewer has been on a buying spree itself in recent months, with the acquisition of a 50% stake in U.S. craft-beer maker Lagunitas Brewing Co. and operations in Africa through an exchange of brewing assets deal with Diageo PLC.

In its trading update, Heineken said consolidated revenue grew 8% to €5.5 billion in the third quarter, driven by strong growth of its Heineken premium brands and favorable currency developments. The company said it recorded positive volume growth in Europe, the Americas and Asia Pacific and flat volumes in Africa, the Middle East and Eastern Europe.

Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com

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(END) Dow Jones Newswires

October 28, 2015 05:15 ET (09:15 GMT)

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