Hungary: Brau Union Hungaria’s board supports Heineken's public offer at a new price, recommending that shareholders accept Heineken’s public offer, Interfax commented on 21 February. The board Brau Union Hungaria supports the latest HUF17,200 (US$92.46) per share offer made by Heineken for the company’s outstanding shares. This offer has been approved by Hungary’s financial watchdog, PSZAF, Brau Union said in a statement. The company added that the offer exceeds Brau’s “shareholders equity per one share” based on both year-end 2003 and H1 2004 figures. The price is also higher than previous offers made for Brau shares.

Heineken already controls Brau Union Hungaria’s parent company, Brau Union AG, and in October 2003 the Dutch company acquired a 93.2% stake in Brau Union Hungaria.

Brau Union stated that as PSZAF discussed and evaluated the offer price - calculated with discounted cash flow methodology - with the help of outside experts, Brau’s board did not request further checks of the price by third-party professionals.

The brewer’s board is appointed by Heineken.

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