(Bloomberg) -- Mexican Coca-Cola bottler Femsa launched a sale of about €3.3 billion of its Heineken Group shares as it seeks to pare back its stake in the company.
Fomento Economico Mexicano SAB also announced a tap issuance of senior unsecured exchangeable bonds in the aggregate principal amount of up to €250 million, while Heineken will purchase the equivalent of 10% of Femsa’s shares.
Femsa’s board of directors in February approved a divestiture of its Heineken investment to focus on its core businesses. It also plans to reduce its leverage and maintain a solid investment grade credit rating, company executives said in the February announcement.
The company said in April it still owned an 8% stake in Heineken. In February, Femsa offered another €3.5 billion shares or about 6% of the combined interest in Heineken NV and Heineken Holding and about €500 million of bonds exchangeable into shares.
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