Russia: EGSM on the merger of Baltika with brewing companies Vena, Pikra and Yarpivo
Baltika Breweries announced that March 7, 2006, is the date of Baltika Breweries's Extraordinary General Shareholders' Meeting (EGSM) on the merger of Baltika with brewing companies Vena, Pikra and Yarpivo.
The EGSM votes on 14 different resolutions, which means that if majority of the over 2000 Baltika shareholders have participated in the vote, the Registrar, responsible for the vote count, will have to process close to several thousands bulletins.
The official vote count begins today by Registrar. Baltika expects to be able to announce the results in the coming few days, and in any case no later than two weeks from now.
Baltika Breweries is 83.6 pct owned by Baltic Beverages Holding AB (BBH), a 50-50 joint venture between Carlsberg AS and Scottish & Newcastle PLC.
Minorities owning the remaining 8.8 percent of its shares will be entitled to vote at the EGM.
Baltika said most of its 2,000 minority shareholders would vote on 14 resolutions at the EGM, meaning it will take time for an independent registrar to tally the results.
Baltika owns 92.6 percent of Vena, which like Baltika is based in St Petersburg; 87.2 percent of Yarpivo, sited northeast of Moscow; and 70.3 percent of Pikra, which operates in Russia's Far East.
It estimates that annualised synergies from the consolidation -- primarily by cutting the cost of distributing beer across the world's largest country -- would reach $60-$80 million within the first year.
Torna
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