The liquor-maker recently held on to its dividend, pending talks with brewing giant Heineken, which is considering a takeover
Distell says it is making progress in takeover talks with Europe’s largest brewer, Heineken, looking to conclude this process as soon as possible, as shareholders wait to hear about their payout.recently held on to its dividend for its year to end-June, citing this as a condition of the talks, although it will declare one if no agreement is reached. The maker of Savanna cider and Klipdrift brandy had said previously it expected to announce an outcome by the end of September, or by Friday.
“Satisfactory progress has been made with regards to the discussions with certain issues still to be agreed,” Distell said in a statement on Wednesday. “The parties are committed to finalising these outstanding issues in the shortest possible time frame and Distell will inform shareholders immediately upon their finalisation.”
If the deal goes ahead, it will combine Heineken, the world’s largest cider producer, with Distell, the second largest, at a time that the SA firm is seeing growth in parts of Africa. In Kenya, for example, cider is becoming popular among women, and that is seen as a new market opening up.headline earnings, a measure of profit, tripled to R1.7bn in its year to end-June, when revenue bounced back to pre-Covid-19-pandemic levels in SA.
Imperial Logistics, the shareholders of which recently approved a R12bn buyout offer, also did not declare a dividend for its year to end-June recently, noting that that was common practice in mergers and acquisitions.
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