The Competition Commission of India (CCI) on June 21 said it has approved Heineken International BV's proposed acquisition of an additional equity stake in United Breweries Ltd (UBL).
In a tweet, the fair trade regulator said, “Commission approves proposed acquisition of additional equity stake in United Breweries Limited by Heineken International BV.”
The approval, however, is subject to the outcome of certain court proceedings, a combination notice filed with the Competition Commission of India (CCI) noted.
'The proposed transaction relates to HIBV's potential acquisition of additional equity stake in UBL,' it said.
United Breweries is engaged in the manufacture, sale and distribution of beer in India.
Heineken International B.V. (HIBV) is an investment holding company and is itself not engaged in any business activity. It is a direct and an indirect shareholder for all non-Dutch companies that form part of the Heineken Group, as per the notice.
Currently, Heineken has 46 percent stake in United Breweries which may increase further. Heineken may bid for the entire stake.
Heineken has sought exemption from the Securities and Exchange Board of India for an open offer.
A source close to the development told Moneycontrol: “Sebi may give open offer exemption to Heineken as this is the deal for internal transfer of promoters.”
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