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Heineken Seals $400M Bravo Deal

Published: February 5, 2002 (Issue # 742)


Europe's biggest brewer, Dutch-based Heineken, announced on Friday that it had signed an agreement to acquire St. Petersburg's Bravo Holding for $400 million.

The purchase, which officials at Heineken said would help them move into a Russian market that still has room for growth, not only brings the European holding the popular local Bochkarev brand, but will also allow more market penetration for its own flagship label.

"With this acquisition, Heineken gains a foothold in the expanding beer market in Russia," a statement released by the firm said. "The transaction is valued at a maximum amount of $400 million, provided that volume and price targets are met in the next 12 months."

According to Manel Vrijenhoek, press officer at Heineken, the price is a reasonable one to pay for Bravo's facilities, brands and expertise.

"We think that it's a good price for a company that has shown such strong growth," she said in telephone interview on Monday. "The next few years will bring at least 6-percent annual growth, especially considering that there is room for growth on the beer market."

"And, as we already have such a strong position in Europe, the company's management decided to focus on markets in Russia, Asia and Latin America," she added. She also said that Heineken planned to launch a line producing its own beer here.

"Because Russia has very high import duties, the Heineken brand will have a competitive advantage in the Russian premium market when it is brewed inside the country itself," she said. "Basically, we are not planning to change Bravo's structure and strategy because we see no point in reorganizing a system that is working well. We will fill some positions in management, while the present team will likely stay."

Bravo International was set up in 1993 by two Icelandic businessmen, Thor Bjorgolfsson and Magnus Thorsteinsson. The local brewing facility, which began production in 1999, is the sixth-largest single-site brewery in Europe.

Although the brewery has only been in production for three years, Bravo has already acquired a 17-percent share of the St. Petersburg market and a 7-percent market share in Moscow, according to a Heineken statement. The company's highest-profile brands are Okhota and Bochkarev. The brewery also produces the Lowenbrau brand under license.

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ALL ABOUT TOWN

Friday, Sept. 19


SPIBA’s newest addition to their Cultural Discoveries events is “Handmade in Germany,” an exhibition featuring unique handmade objects of a significantly higher quality than mass-produced items. The work of over 100 German manufacturers will be displayed during the event, which opens today in the Lutheran Church of Saint Peter and Paul on Nevsky Prospekt and runs through Sept. 28.



Saturday, Sept. 20


Starting on Sept. 18 and ending tomorrow is the Extreme Fantasy Wakeboarding Festival in Sunpark by Sredny Suzdalskoye lake in the Ozerki region of the city.


Those after something more laid back can instead head to Jazz and Wine night at TerraVino with legendary jazz guitarist Ildar Kazahanov. 12/14 Admiralteyskaya Emb.



Sunday, Sept. 21


Learn more about African culture and get some exercise during today’s “Djembe and Vuvuzela,” a bike ride starting in Palace Square that includes several stops where riders can listen to the music of Africa or watch short films about the continent. The riders plan to set off at 4 p.m. and all you need to join is a set of wheels.



Monday, Sept. 22


Do you love puppetry? If so, then be sure to go to BTK-Fest, a five-day festival that starts on Sept. 19 celebrating the art. Contemporaries from France, Belgium, the U.K. and other countries will join Russian artists to put on theatrical performances involving a variety of themes, materials and eras. Workshops and meetings are also scheduled for a chance to discuss the artistic medium in further depth.



Tuesday, Sept. 23


Marina Suhih, Director of the External Communications Department at Rostelecom North-West, and Yana Donskaya, HR Director for Northern Capital Gateway are just some of the confirmed participants of today’s round table discussion on “Interaction with Trade Unions” being hosted by SPIBA. Confirm your attendance with SPIBA by Sept. 22.


Kino Expo 2014, an international film industry convention, will be at LenExpo from today until Sept. 26. The third largest exhibition of film equipment in the world, the expo focuses on not only Russia but former Soviet republics as well.



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