Heineken and Coca-Cola Hellenic to Increase Stake in Pivara Skopje JV
Heineken and Coca-Cola Hellenic are fully committed to the future development of Pivara Skopje and will continue to work closely together with local distributors and customers to grow the business and local beverage market.
Nov 10 2011 --- Heineken N.V. announced that it has reached agreement to acquire, together with Coca-Cola Hellenic, 41.2% of the shares in Pivara Skopje, their joint venture beverage company in the Former Yugoslav Republic of Macedonia (FYROM). The shares are currently owned by various minority shareholders. The total consideration for the transaction is €79.1 million, to be equally divided between Heineken and Coca-Cola Hellenic.
The transaction is subject to approval by the FYROM competition authorities and is expected to be completed by early 2012. Following the closing of the transaction, Heineken and Coca-Cola Hellenic will together own 96.5% of the shares in Pivara Skopje. The remaining 3.5% of the shares is largely owned by former and current employees of the company.
Heineken and Coca-Cola Hellenic are fully committed to the future development of Pivara Skopje and will continue to work closely together with local distributors and customers to grow the business and local beverage market.
Pivara Skopje is the leading beverage company in the country - producing, marketing and distributing various beer and soft drink brands, most notably Skopsko and Coca-Cola. Heineken and Coca-Cola Hellenic acquired their initial 55.3% stake in the company in 1998.
