Heineken rebuffs bid by SABMiller

GMT 02:37 2014 Monday ,15 September

Arab Today, arab today Heineken rebuffs bid by SABMiller

Henry Heineken
Amstelveen - AFP

Heineken announced Sunday it has rejected a bid by SABMiller to acquire the Dutch brewing giant, without revealing the offer price.
The majority shareholding Heineken family informed the British-based rival SABMiller "of its intention to preserve the heritage and identity of Heineken as an independent company", the Dutch brewer said in a statement.
"The Heineken family and Heineken N.V.'s management are confident that the company will continue to deliver growth and shareholder value," the statement added.
Therefore the SABMiller bid was "non-actionable".
Heineken said it made the decision to announce the approach by SABMiller, and its rejection of the bid, due to rumours swirling around the markets.
SABMiller, with its Miller and Peroni brands, is the second-biggest brewer in the world.
Heineken is the third, thanks not only to its Heineken brand but also to sales of Amstel, Sol, Dos Equis and others.
Last month Heineken said that beer drinking during the World Cup football extravaganza raised sales volumes in the first half of the year but net profits fell to 631 million euros ($839 million) from 639 million euros at the same time last year.
Heineken said it had gained market share in some important markets, citing Brazil, Nigeria, Vietnam, France and the Netherlands.
However, overall, it expected consumption of its brands to slow down during the rest of the year owing to a cloudy outlook for the economy.
The group produces and sells more than 200 brands of beer and cider and employs nearly 70,000 people around the world.


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