P.M. BRIEFING : Guinness to Buy Spanish Brewer
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LONDON — Guinness PLC said today it agreed to buy Spain’s largest brewer, Cruzcampo SA, for $1.02 billion, giving it entry to Europe’s fastest growing beer market.
Guinness said the transaction would make it the 12th-largest brewer in the world by volume and No. 4 measured by operating profits. Guinness said the purchase is expected to be completed in January, 1991. Cruzcampo would become part of Guinness Brewing Worldwide Ltd., the Anglo-Irish firm’s main brewing subsidiary.
“The deal represents a key strategic move for Guinness Brewing Worldwide into the growing Spanish market,” the company said in a statement. Guinness reached agreement with privately owned Detroit-based Stroh Brewery Co. to buy its 28% holding in Cruzcampo.
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