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Spanish brewer accepts Guinness' offer.

Spanish brewer accepts Guinness' offer

The vast majority of shareholders in La Cruz del Campo ("Cruzcampo"), Spain's largest brewer, has accepted the Guinness PLC offer, which was announced in November.

As of last week, Guinness had received acceptances representing 96.5 percent of the share capital of Cruzcampo. In view of this level of support, the Guinness offer for Cruzcampo has now gone unconditional, according to the company. Completion of the transaction is scheduled to be completed February 5.

Through its most recent investment, Guinness has underlined its confidence not only in the prospects of Cruzcampo, and the Spanish beer market, but also in the prospects for the Spanish economy in general.

"We are very pleased with the level of support for our offer," said Anthony Tennant, Guinness PLC chairman. "This now clears the way for Guinness and Cruzcampo to build what is already an excellent business into an even stronger force within the growing Spanish beer market."

Outgoing Cruzcampo chairman, Ignacio Ybarra, explained, "The sale of Cruzcampo has been effected, in orderly manner, to new owners who are committed to develop the business further. With Guinness," Ybarra continued, "I know that the Cruzcampo business will be in safe hands.

"It remains for me to wish Rob Hermans, together with all the employees and customers of Cruzcampo, continued success in the future," Ybarra said.

Hermans, currently business development director, Guinness Brewing Worldwide, will relocate to Seville, Spain, where he will assume his new role as chairman of Cruzcampo. The existing Cruzcampo management team will remain on and continue work with the new Guinness executives.
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Title Annotation:La Cruz del Campo
Publication:Modern Brewery Age
Date:Feb 4, 1991
Words:264
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