Heineken’s acquisition of Austrian brewer Österreichische Brau-Beteiligungs-Aktiengesellschaft (BBAG) was the second-biggest public takeover in Austria ever, strengthening Heineken’s position in the central European beer market.
Having won agreement to acquire 100% of Getränke-BeteiligungsAG (GeBAG), which held 68.7% of BBAG’s share capital, Heineken had to launch a public offer for the free float of BBAG and its sub-holding Brau Union. Added to this, the BBAG transaction triggered change of control in two other publicly listed companies in Romania and Hungary, leading to two further public offers. In all, four public offers had to be made in three separate countries, a feature of a deal noted for its complexity.
Total transaction value, based on 100% enterprise value of BBAG and including the value of the free-float minorities of BBAG and Brau Union, totalled e1.9bn.
The deal positions Heineken as the leading brewing group in central Europe, with top position in eight of 13 countries in which the new entity operates.
