China: New head of Heineken confirms Heineken’s joint-venture is looking at Fujian Sedrin brewery
The Heineken’s new head of said on December 7 that one of the Dutch brewer's joint ventures was looking at Fujian Sedrin, a Chinese brewery that had gone up for sale, Reuters communicated on December 8.
"It is not us directly, but Asia Pacific Breweries that is looking at it," Chief Executive Jean-Francois van Boxmeer told Reuters.
He was responding to a report last month that Heineken was among foreign brewers in talks to buy a controlling stake. Heineken Asia Pacific Breweries China is a joint venture between Heineken and Fraser & Neave Holdings of Malaysia.
Mr. Van Boxmeer, who came to the job in October with a mandate to revive growth at the world's fourth largest brewer, said he was not interested in expanding for the sake of it.
"We're selective about what we can acquire," he said on the sidelines of a symposium in Brussels. "It depends what kind of margins we can get out of it," he said. "It also depends on the cost."
Mr. Boxmeer stated that Heineken had a good enough cash position to afford further acquisitions and could resort to the debt market before using shares as currency. Reiterating comments made by his predecessor Anthony Ruys, Van Boxmeer said the Heineken family was not against using shares for an acquisition even thought it risked diluting their controlling stake.
He cited Brazil, Mexico and China as markets where Heineken did not have a big enough presence.
"We are clearly under-represented," Mr. Boxmeer said. Although Van Boxmeer said he was not concerned about rivals InBev and SABMiller getting ahead of Heineken in buying up brewers around the globe, the Dutch brewer has made a series of purchases in Russia.
As one of the world's fastest growing beer markets, Russia has become a battleground for global brewers seeking to diversify their operations outside sluggish markets in western Europe and North America.
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