Heineken and Coca-Cola Hellenic Extend Stake in Macedonian Joint Venture
Heineken and Coca-Cola Hellenic are acquiring 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 Eur79.1 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.
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.
