Mexican beverage company Femsa has announced that it has sold a stake of 5.24% in Heineken, generating approximately €2.5 billion.
Femsa has sold 22,485,000 shares in Heineken NV, representing 3.9% of the issued share capital at €84.50 per share, along with 7,700,000 shares in Heineken Holding NV, repressing 2.67% of the issued share capital at €78 per share.
Following this sale, the Mexican drinks firm has reduced its overall shareholding in Heineken from 20% to 14.76%.
L'Arche Green, the company through which the Heineken family exercises control of Heineken Holding, said that it would buy back shares totalling €200 million.
Investment Changes
"We have long held a very positive view of Heineken as a long-term investment," said Carlos Salazar Lomelín, Femsa CEO.
"The transaction priced today does not represent or reflect a change in our view or expectations. However, the equity offering will allow us to partially monetise our position while retaining our existing governance rights in Heineken, taking advantage of the favourable tax treatment afforded by the Repatriation Decree issued by the Mexican Government."
"In accordance with the decree, we plan to invest the proceeds of the equity offering to support our growth initiatives in Mexico in the coming years," Salazar Lomelín added.
Femsa said that it will retain one seat on the board of directors of Heineken Holding, and two seats on the supervisory board of Heineken.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.
