United Breweries spirits up

United Breweries is up in the green today, currently at Rs.820, up over 2% or by almost Rs.18. Intra day is at Rs.823.60.

The stock is showing a spirited rise today on unconfirmed news that Heineken has made an offer to the promoters for acquiring additional 5% stake at the rate of Rs.844/share. Heineken currently holds a little below 39% stake.

But this could not mean much for traders as it more or less confirms that Heineken is not going by the open market route, opting instead to buy directly from the promoters. But this 5% stake at the rate of Rs.844/shares would not be enthusing to the promoters, as it is not much at  a premium over the current market price.