23rd Feb 2005 08:00
SABMiller PLC23 February 2005 SABMILLER INCREASES INVESTMENT IN BIRRA PERONI London and Johannesburg, 23 February 2005. SABMiller plc announces that it hasacquired a further 39.8% of Birra Peroni that it does not already own, for acash consideration of €162.5 million (US$212.6 million). The agreement followsSABMiller's acquisition of a 60% stake in Birra Peroni completed in June 2003for €246.0 million. Under the terms of the original agreement announced in May 2003, SABMiller andthe shareholders of Birra Peroni entered into put and call options that, whenexercised, would result in SABMiller's ownership increasing to 99.8% fromDecember 2006. The price payable under these put and call options was based onan equity value of €410 million (for 100% of Birra Peroni) plus interest andearn-out arrangements which were dependent on the future performance of thebusiness. SABMiller and the minority shareholders in Birra Peroni have today agreed toaccelerate the share transfer process which has increased SABMiller'sshareholding to 99.8% at the price prescribed within the original agreement, andsimultaneously the parties have agreed to terminate the earn-out arrangements.The acquisition was not subject to any conditions and has been financed fromexisting resources. Ends Notes to editors: SABMiller plc SABMiller plc is one of the world's largest brewers, with 2003/04 lager salesvolumes in excess of 137 million hectolitres. It has a brewing presence in over40 countries across four continents and a portfolio of strong brands and leadingmarket shares in many of the countries in which it has brewing operations.Outside the USA, SABMiller plc is one of the largest bottlers of Coca-Colaproducts in the world. In the year ended 31 March 2004, the group generated US$1,391million pre-taxprofit from a turnover of US$12,645 million. SABMiller plc is listed on theLondon and Johannesburg stock exchanges. S.p.A. Birra Peroni Birra Peroni S.p.A. is the second largest brewer in Italy with a 25% marketshare. Its portfolio of brands includes the number one beer brand in Italy,Peroni; and Nastro Azzurro, the number three brand in the premium segment. Inthe year to 31 March 2004, Birra Peroni grew its volumes in line with theoverall market at approximately 6%. In November 2003, Miller Genuine Draft wasintroduced into the portfolio following the termination of the Anheuser-BuschBudweiser contract. This announcement is available on the SABMiller website, www.sabmiller.com High resolution images are available for the media to view and download free ofcharge from www.vismedia.co.uk Enquiries: SABMiller plc Tel: +44 20 7659 0100 Sue Clark Director of Corporate Affairs Tel: +44 20 7659 0184 Gary Leibowitz Vice President, Investor Relations Tel. +44 20 7659 0119 Mob: +44 7717 428540 Nigel Fairbrass Head of Media Relations Tel: +44 20 7659 0105 Mob: +44 7799 894265 The release, publication or distribution of this announcement in certainjurisdictions may be restricted by law and therefore persons in any suchjurisdictions into which this announcement is released, published or distributedshould inform themselves about, and observe, such restrictions. This announcement contains statements about Birra Peroni S.p.A., SABMiller plc('SABMiller') and members of the SABMiller group (together with SABMiller, the"SABMiller Group") that are or may be forward looking statements. Allstatements other than statements of historical facts included in thisannouncement may be forward looking statements. Any statements preceded orfollowed by or that include the words "targets", "plans", "believes", "expects","aims", "intends", "will", "may", "anticipates" or similar expressions or thenegative thereof are forward looking statements. Forward looking statementsinclude statements relating to the following: (i) future capital expenditures,expenses, revenues, economic performance, financial condition, dividend policy,losses and future prospects; (ii) business and management strategies and theexpansion and growth of Birra Peroni or the SABMiller Group's operations; and(iii) the effects of government regulation on Birra Peroni or the SABMillerGroup's business. These forward looking statements involve known and unknown risks, uncertaintiesand other factors which may cause the actual results, performance orachievements of any such person, or industry results, to be materially differentfrom any results, performance or achievements expressed or implied by suchforward looking statements. These forward looking statements are based onnumerous assumptions regarding the present and future business strategies ofsuch persons and the environment in which each will operate in the future. Allsubsequent oral or written forward looking statements attributable to BirraPeroni or any member of the SABMiller Group or any persons acting on theirbehalf are expressly qualified in their entirety by the cautionary statementabove. Birra Peroni and the SABMiller Group expressly disclaim any obligationor undertaking to disseminate any updates or revisions to any forward-lookingstatements contained herein to reflect any change in their expectations withregard thereto or any change in events, conditions or circumstances on which anysuch statement is based. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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