Heineken makes public offer for Baru
First they took Costa Rica and Nicaragua, then they took Egypt and Lebanon. Now it’s Panama. Makes you wonder who will be next! At the beginning of October Heineken and its Costa Rica-based Central American partner Florida Ice and Farm Co. (FIFCO) announced their intention to acquire the Panamanian brewery group, Cervecerias Baru-Panama S.A. (Baru) for USD56million or USD14.60 per Baru share.
Currently 52 percent of the Baru shares are owned by Coca-Cola Panama (CCP), the sole Panamanian Coca-Cola bottler. The remaining 48 percent of Baru’s shares are traded on the Panamanian Stock Exchange. The alliance (CABeverages) has direct control of Coca-Cola Panama, and thus indirect control of Baru. The company owns two breweries: one in Panama City and the other in David (Chiriqui province).
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