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Heineken moves to take full control of Jamaican brewer

AFP
Amsterdam-based Heineken now holds some 73.3 percent of the Jamaican company, Desnoes & Geddes, which produces Red Stripe and Dragon beers

Dutch beer giant Heineken announced late Friday it was moving to buy up all outstanding shares of Jamaican brewer Desnoes & Geddes to gain 100 percent control of the company.

The move comes after Heineken last month acquired the 57.9-percent stake in the company that had been owned by Diageo, the world's largest distiller.

Amsterdam-based Heineken now holds some 73.3 percent of the Jamaican company, which produces Red Stripe and Dragon beers.

It is offering to snap up the remaining ordinary shares at about 30 US cents each, in a tender that is open until December 22.

That is the same price the Dutch company paid last month to extend its stake in D&G.

The offer is being made via Heineken Sweden AB, a wholly-owned subsidiary of Europe's largest and the world's third-largest brewer.