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SWC's beer business not part of UB acquisition
By Our Special Correspondent
BANGALORE,
MARCH 22.
The UB Group's acquisition of Shaw wallace & Company from Jumbo World Holdings Limited will not cover the brewery business of Shaw Wallace, company sources said.
Shaw Wallace Breweries Limited, a 50:50 joint venture between Shaw Wallace and SAB Miller of South Africa, has a market share of about 35 per cent in the domestic beer market through its popular brands.
"The beer business does not form part of the Rs. 1,300 crore deal announced on Monday by UB Group and Shaw Wallace," the sources said.
Under the deal, the UB Group entity McDowell & Company will acquire indirect control of up to a maximum of 54.54 per cent of the shares of Shaw Wallace from Jumbo World Holdings at Rs. 325 per share. The acquisition price is Rs. 65 more than the revised open offer price of Rs. 260 per share announced by McDowell to buy Shaw Wallace shares from the public.
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