Argentina: Quinsa announces resumption of the asset sale process resulting from its 2003 strategic alliance with AmBev
Quilmes Industrial (Quinsa) S.A. announced on April 4 it has resumed the process by which it intends to sell certain assets as required by Argentine regulations after approval of its strategic alliance with AmBev.
Approval of the AmBev deal by Argentine regulators had been given under the condition that the Company must dispose of certain assets within the following 12 months. This process had been halted pending the legal resolution of an injunction introduced by a competitor who claimed the right to bid for those assets.
The Argentine Supreme Court of Justice has now ruled against that position, thus confirming the original conditions established by the Argentine Anti-Trust Commission (Comision Nacional de Defensa de la Competencia -- "CNDC").
Quinsa has resumed the process whereby it intends to dispose of the necessary assets in order to comply with CNDC requirements.
About Quinsa
Quinsa is a Luxembourg-based holding company that controls 93% of Quilmes International (Bermuda) ("QIB"). The remaining stake is held by Companhia de Bebidas das Americas -- AmBev ("AmBev").
Quinsa, through QIB, controls beverage and malting businesses in five Latin American countries. Its beer brands are strong market leaders in Argentina, Bolivia, Paraguay and Uruguay and have a presence in Chile. Further, pursuant to the Company's strategic alliance with AmBev, it has entered into license and distribution agreements to produce and sell in Argentina, Bolivia, Chile, Paraguay and Uruguay the AmBev brands. Similarly, under the agreements, AmBev may produce and distribute Quinsa's brands in Brazil.
The Company also has bottling and franchise agreements with PepsiCo, and thus accounts for 100% of PepsiCo beverage sales in both Argentina and Uruguay.
Quinsa's Class A and Class B shares are listed on the Luxembourg Stock Exchange. Quinsa's American Depositary Shares, representing the Company's B shares, are listed on the New York Stock Exchange.
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