Stocks

UB Group firms surge on Heineken stake hike report

Reuters | Updated on January 11, 2018 Published on May 03, 2017

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UB Group firms surged on Heineken stake hike report.

Shares of United Breweries Ltd and United Breweries Holdings Ltd surged as much as 6.2 per cent and 9.9 per cent, respectively.

Heineken International BV has approached the lenders with a proposal to buy out all of Vijay Mallya's shares in United Breweries that are pledged with them, according to a media report, citing banking sources.

Heineken has been increasing stake in the last couple of years, and an analyst at a domestic brokerage estimates it owns close to 44 per cent of the wider UB Group.

United Breweries hits its highest since February 7; the stock posted biggest intraday percentage gain since October 2016.

United Breweries Holdings posted biggest intraday percentage gain since November 2016.

United Breweries and Heineken officials were not immediately available for comment.

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Published on May 03, 2017
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