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Interbrew, Apatinska Pivara sign €326.9mln strategic partnership deal |
BELGRADE, September 11, 2003 - Belgian brewer Interbrew signed a €326.9 million strategic partnership agreement with Serbian largest brewer Apatinska Pivara on Thursday.
Under the agreement, stipulating recapitalization of Apatinska Pivara through a €64.9 million share issue, Interbrew will be obliged to set aside €262 million to purchase the existing shares.
The buyer will be required to issue a public offering and purchase the shares at €167.6 per share.
Interbrew also pledged to not cut jobs over a five-year period, invest €66 million in the company over the next seven years and a further €34 million in marketing.
Serbian Prime Minister Zoran Zivkovic said that both companies will benefit from the agreement, adding that strategic partnership deals with international companies are the best solution for reviving the Serbian economy.
Brussels-based Interbrew is one of the oldest beer companies in the world. The company has operations in 21 countries world-wide, employing some 35,000 workers. In 2002, Interbrew posted a net turnover of EUR 6.9 billion.
Apatinska Pivara is the largest brewer in South Eastern Europe. The company, whose top brands include Jelen Pivo and Pils Light, has a 39 percent share in the Serbian market.
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