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Equity Market News 06th February 2012

Equity Org Headlines:

Essar Energy adds 3 percent in mostly lower London energy sector

Antofagasta leads miners higher in London

Hunting plc leads energy sector lower

Sports Direct International leads London retailers higher

Pace plc drops 40 percent on profits warning

Royal Bank of Scotland leads London banks lower

Royal Bank of Scotland leads banks, FTSE 100 higher in London

Lloyds Banking Group drops 8 percent on first-quarter loss

Lloyds shares down on PPI claims

Aquarius Platinum adds 7 percent amid mostly lower mining sector

06/05/05

Permalink 08:03:54 pm, Categories: Europe Eurofirst, 136 words  

Heineken acquires Russian beer maker

Heineken, the Dutch brewer, has announced that it will buy Patra, a Russian brewer. Patra is based in Yekaterinburg, Russia’s third largest city.

Russia is the world’s fifth-largest beer market. At the end of the Soviet era, when Mikhail Gorbachev was the Soviet leader, beer was promoted as a healthier alternative to vodka, considered to be Russia’s national drink.

The acquisition increases Heineken’s share of the Russian market to 8.3 percent, up from 7.5 percent. Heineken will buy Petra for an undisclosed amount of cash.

The purchase comes at a time when Heineken has under performed the European beverages sector by about 30 percent for the past three years and continues the company’s practice of acquiring small regional breweries in growing markets.

In 2004, Petra had net profits of $1.2 million on a turnover of $27 million.

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