Slovakia: SABMiller has received permission to takeover Topvar brewery
SABMiller, one of the world's largest brewers, has received permission from the Slovak anti-monopoly agency on March 14 to acquire Slovakia's third-largest brewery, Topvar, in a deal with an estimated value of $15-million, according to media sources.
SABMiller confirmed on March 14 that Slovakia's anti-monopoly agency PMU had given its stamp of approval to the deal, saying it did not threaten competition. SABMiller already owns the country's largest brewer, Saris.
The $15m was expected to lift London-based SABMiller to the No 1 position among Slovakia's beermakers, overtaking its Dutch rival Heineken.
SABMiller announced plans to buy out Topvar's small shareholders last May, when the company's hometown of Topolcany agreed to sell its 15% stake.
SABMiller and Heineken have been buying Slovak breweries for several years and together control an estimated 80% of the market. SABMiller already owns the country's largest brewer, Saris, while Heineken controls another local favourite, Zlaty Brazant.
SABMiller spokesperson James Crampton said the company expected the transaction to close in the "next week or two", as there were still some technical requirements that needed to be finalised.
Topvar sold 569 000 hectolitres of beer in 2004, and had a net asset value of $15.2-million. Industry analysts said the company's enterprise value including debt was approximately $49-million.
Small brewers have criticised the march of the major corporations, which with other multinationals have been snapping up Eastern European beermakers for the past decade. However, PMU said Topvar's buyout did not threaten competition in Slovakia.
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