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Diageo toasts winning bid for Ethiopia's last state brewery
Diageo has struck a deal to acquire Ethiopia’s last state-owned brewer Meta Abo Brewery for $225m. The UK based global spirits group has reportedly outbid its major rivals SABMiller and Heiniken by $35m.
The international maker of spirits such as Johnnie Walker whisky and Smirnoff vodka, said it plans to expand Meta Abo by introducing new products. Meta Abo is said to be the last Ethiopia's state-owned brewery to be sold.
The acquisition is a part of Diageo's aim to increase its sales in emerging markets. The company plans to offset weaker demand in western Europe and the US.
The London-based distiller said it expected more than 10% sales and profit growth in Latin America and Africa this year.
Ethiopian Privatisation and Public Enterprise Supervising Agency said, in addition to Diageo's $225m bid, there were three more bidding companies for the deal - SouthWest Development /Sab Miller with a combined $190m bid, Heineken with $188m and Dashen with $173m.
Meta Abo brewery was established by the Ethiopian Government and Ethiopian private nationals in 1963 as a share company. Initially, the production capacity of the brewery was 50,000 hl. per annum. The brewery supplies 55% of its product to distributors and 45% to retailers.
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