Diageo completes Public Offer to acquire additional 10.62% stake in Halico
Posted: 15 June 2012 | Diageo | No comments yet
Diageo has successfully closed its Public Offer to acquire an additional 10.62% stake in Halico…
Diageo, the world‟s leading premium drinks business, has successfully closed its Public Offer to acquire an additional 10.62% stake in Hanoi Liquor Joint Stock Company (“Halico”) in Vietnam for a consideration of approximately £14.0 million. The Public Offer opened on 11 May 2012 and closed on 14 June 2012.
Diageo expects to complete the transaction on 24 June 2012. Following the full completion of the Public Offer, Diageo‟s total equity stake in Halico will be 45.52%. The price of the Public Offer was VND 213,600 per share, the same price as Diageo‟s previous purchases of Halico shares.
Diageo entered into a Strategic Partnership Agreement with Halico, Vietnam‟s leading domestic branded spirits producer with the number one vodka brand, Vodka Hanoi, in January 2011. This latest Public Offer, to increase its equity stake in Halico, further demonstrates Diageo‟s commitment to work with Halico in the rapidly growing Vietnamese branded spirits sector. As Halico‟s strategic partner, Diageo will continue to assist Halico in enhancing its capabilities across a range of functions, including innovation, branding, supply and distribution. Diageo will remain a long term equity investor in Halico.
Ho Van Hai, Director of Halico, said: “Diageo continues to demonstrate its commitment under the Strategic Partnership Agreement, assisting Halico to strengthen the Vodka Hanoi brand. We look forward to long term co-operation between Diageo and Halico under the Strategic Partnership Agreement and the positive effects it will continue to have on our business.”
Gilbert Ghostine, President of Diageo Asia Pacific commented: “We are pleased to further participate in Halico‟s growth potential and success by increasing our equity investment, which is an expression of our long term commitment both to Halico and to Vietnam.”
Diageo will independently continue to develop its international premium spirits portfolio in Vietnam, led by Johnnie Walker, Smirnoff and Baileys, through its wholly owned subsidiary Diageo Vietnam, Limited.