E-Malt.com News article: 838

Heineken N.V. announced on April 1 that it has acquired 68.8% of the shares of the Croatian brewer Karlovacka Pivovara d.d. for an amount of 1,804.59 kuna (EUR 234.61) per share from Southern Breweries Establishment, a joint venture of which CCU owns 50%. The acquisition is related to the transactions as announced on 14 January 2003.

Karlovacka Pivovara is the second largest brewer in Croatia with a sales volume of 820,000 hl of beer in 2002 and has a 19% market share. The most important brand is Karlovacko Pivo, a lager beer with strong historic roots in Croatia. A dark beer and an alcohol-free beer are also part of the brand portfolio.

The brewery is located in the city of Karlovac, 50 km from Zagreb, and has a capacity of 1.3 million hectolitres. Karlovacka Pivovara employs 595 people.

This acquisition represents a further strengthening of Heineken's position in Central Europe. Heineken beer is currently exported to among others Slovenia, Croatia, Bosnia and Herzegovina, Serbia and Montenegro, Kosovo as well as Macedonia. The total sales volume amounts to approximately 100,000 hl.

Following Croatian regulations it is mandatory to make a public offer for the remaining outstanding shares. In due time Heineken will announce and proceed with the public tender offer according to Croatian law.


02 April, 2003