SABMiller buys Backus
When SABMiller last year completed its acquisition of Colombian-based Bavaria brewery, Backus become an indirect subsidiary. Therefore it was just a matter of time before SABMiller would try to mop up the rest of backus’ shares. At the end of March 2006, SABMiller had completed an 89.5 percent acquisition of the investment shares of Peru’s largest beer maker, Backus & Johnston, for USD 361.6 million. The London-based brewer had made the offer on the Lima stock exchange for 12 trading days for 100 percent of the investment shares of Backus at a price of 2.47 soles (USD 0.74 cent) per share in cash, which represents a 20 percent premium on the Backus investment share price before the offer was announced.
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