United Breweries is a newsmaker today, going on to hit a new 52-week high at Rs.1497.65, going up 3% and from there, profit booking pushed down the stock to Rs.1410.90 and it currently continues to trade in the red.
The Competition Commission of India (CCI) yesterday approved acquisition of additional equity shareholding by Heineken International BV (HIBV) of United Breweries Limited (UBL). The proposed transaction relates to HIBV’s potential acquisition of additional equity stake up to a maximum of about 16.40 per cent shareholding in UBL.
HIBV is an investment holding company and currently Heineken has a 46% stake in the company, which will only go up further. The buzz is that Heineken may bid for the entire stake.