Suntory’s takeover of Beam gets final approval

(TSB) - Beam Inc’s US$16 billion takeover by Suntory Holdings is nearing completion after being granted approval by the European Commission.

Having already secured regulatory approval by US authorities and Beam’s shareholders, the acquisition is now expected to close on 30 April after it was given clearance by the Commission.

Hakushu producer Suntory and Maker’s Mark producer Beam announced the US$16 billion takeover in January this year.

The deal, which will see Japanese group Suntory become the world’s third largest spirits producer behind Diageo and Pernod Ricard, now awaits only customary closing conditions before it is completed.

“Regulatory clearance from the European Commission paves the way to complete the transaction with Suntory Holdings next week,” said Matt Shattock, president and CEO of Beam.

“We have been working with Suntory to help ensure a smooth integration as we create the world’s number three premium spirits company, which will possess a dynamic portfolio across key categories, powerful global routes to market, and strong innovation capabilities.

“Our portfolios and operations are highly complementary, so we’ll be focused on sustaining our momentum and generating sales synergies as we bring our companies together.”

The news of this recent approval comes just days after Beam revealed three of its senior executives had resigned ahead of the company’s acquisition by Suntory due to its “impact on their roles”.