Heineken to acquire majority stake in Consolidated Breweries
True to its well-proven business principles, Heineken will increase its stake in Nigeria’s Consolidated Breweries from 24 percent to a controlling stake of 50.05 percent. At the beginning of December, Heineken N.V. said that it has reached an agreement in principle with a co-shareholder to up its stake. The acquisition will be financed from available cash resources. As agreed by both parties the acquisition price will not be disclosed. The investment will be immediately earnings accretive and value accretive in 2008. The deal is subject to a satisfactory outcome of due diligence and obtaining regulatory approval. Consolidated Breweries was incorporated in 1980. According to Heineken it has a 9.5 million, an EBITDA of EUR15.4 million and an EBIT of EUR13.5 million in 2003..
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