Heineken starts next phase of share repurchasing programme
Posted: 20 June 2011 | Heineken | No comments yet
Heineken announced that in connection with the acquisition of FEMSA Cerveza, it begins the next phase of repurchasing its own shares…
Heineken N.V. announced today that in connection with the acquisition of FEMSA Cerveza that was completed on 30 April 2010, it will begin the next phase of repurchasing its own shares up to a maximum value of €300 million. For this new phase, Heineken has mandated a bank to repurchase Heineken N.V. shares in the open market on the company’s behalf, starting 20 June 2011, up to and including 5 September 2011, allowing the execution of the share repurchase to continue during closed periods.
These shares are intended to be delivered to Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) or a FEMSA group company under the terms of the Allotted Share Delivery Instrument (the “ASDI”) concluded between Heineken N.V. and FEMSA.
The ASDI sets forth the terms under which Heineken N.V. will deliver approximately 29 million Allotted Heineken N.V. shares to FEMSA. Until 16 June 2011, approximately 14.9 million shares were already repurchased of which 13.1 million shares were delivered to FEMSA. The remaining 1.8 million shares will be delivered before 1 July 2011.
The share repurchase programme is being executed in line with the authorisation given by the Annual General Meeting of Shareholders.
Heineken posts the progress made in the execution of the programme on its website www.heinekeninternational.com on a weekly basis.