本周一，全球第二大啤酒釀造商喜力公司（Heineken）宣布，同意收購日本麒麟控股（Kirin Holdings）旗下已經(jīng)陷入虧損的幾家巴西釀酒公司，以擴(kuò)大喜力集團(tuán)在全球第三大啤酒市場上的存在。

此次收購結(jié)束后，喜力將成為巴西市場上的第二大啤酒釀造商，其市場份額將達(dá)到19%左右，僅次于市場領(lǐng)跑者百威英博（Anheuser-Busch InBev）。喜力公司表示，包括債務(wù)在內(nèi)，公司將合計(jì)支付10.25億歐元（約10.9億美元）用于此次收購。

此次交易也標(biāo)志著麒麟控股將正式告別巴西市場。麒麟公司在2011年斥資39億美元收購了12家釀酒廠，然而此后該公司在巴西市場上的份額顯著下降。此外，由于匯率波動的原因，該公司的原材料成本也在一路上漲。

麒麟集團(tuán)表示，由于巴西經(jīng)濟(jì)整體面臨的風(fēng)險，加之巴西的啤酒和軟飲市場已經(jīng)陷入增長停滯和高度競爭的局面，因此要使麒麟集團(tuán)的巴西業(yè)務(wù)扭虧為盈，是存在一些“限制”的。光是2016年，麒麟的巴西分公司就虧損了2.84億雷亞爾。

到2017年，巴西經(jīng)濟(jì)已經(jīng)是連續(xù)第三年陷入衰退了。不過喜力集團(tuán)表示，從長期看來，巴西的啤酒市場還是相當(dāng)有吸引力的，而且高端市場的增幅還要快于整體市場。

此次收購將擴(kuò)大喜力啤酒在巴西北部和東南部的存在，有助于擴(kuò)大喜力啤酒和蘇爾啤酒（Sol）的銷量并節(jié)省成本。

自從2010年喜力收購墨西哥FEMSA公司的啤酒業(yè)務(wù)以來，喜力集團(tuán)迄今在巴西已經(jīng)擁有五家啤酒釀造廠。

伯恩斯坦研究公司（Bernstein Reasearch）的飲料業(yè)務(wù)分析師特雷弗·斯特林表示：“你不能拿正常比率來看，因?yàn)樗谔潛p，但它的價格還是非常有吸引力的?！?

一些分析師表示，這筆交易對于喜力集團(tuán)來說非常重要，因?yàn)榘臀饕彩瞧涓偁帉κ职偻⒉┑囊粋€核心市場，此次收購有助于喜力更強(qiáng)有力地在巴西與后者展開競爭。近些年來，自從收購了SABMiller公司之后，百威英博也在同樣不遺余力地進(jìn)軍喜力的核心市場。

此次收購能否順利進(jìn)行，還要等待巴西反壟斷部門的審批，此次交易有望于今年上半年正式結(jié)束。

再來單獨(dú)說一下麒麟控股的近況。麒麟控股表示，它將保留一家緬甸啤酒公司51%的股權(quán)。這家公司名叫曼德勒釀酒公司（Mandalay Brewery），它的另外49%的股權(quán)將由緬甸經(jīng)濟(jì)控股公司（Myanmar Economic Holdings）持有。麒麟集團(tuán)和緬甸經(jīng)濟(jì)控股公司已經(jīng)成立了另一家合資企業(yè)——緬甸釀酒公司（Myanmar Brewery）。

麒麟集團(tuán)還表示，它已經(jīng)終止了與可口可樂集團(tuán)（Coca-Cola Group）就資本結(jié)盟問題進(jìn)行的談判，不過這兩家公司將繼續(xù)圍繞可能的運(yùn)營合作進(jìn)行商談。（財富中文網(wǎng)）

作者：Reuters

譯者：樸成奎

Heineken, the world's second-largest brewer, agreed on Monday to buy the loss-making Brazilian breweries of Japan's Kirin Holdings to boost its presence in the world's third-biggest beer market.

The Dutch brewer will become the number two brewer in Brazil, with a share of some 19%, behind clear market leader Anheuser-Busch InBev. Including debt, Heineken said it would pay 1.025 billion euros ($1.09 billion).

For Kirin it marks a departure from the Brazilian market, having paid some $3.9 billion in 2011 for 12 breweries, a business which has subsequently lost market share and seen raw materials costs rise due to a weak currency.

Kirin said that Brazil's economic risks and a stagnant and competitive beer and soft drink market meant there were "limitations" to making Brasil Kirin profitable. Kirin said the unit made an operating loss of 284 million reais in 2016.

Brazil's economy appears set to enter a third year of recession in 2017, but Heineken said that its beer market was attractive in the longer term, with a premium segment growing faster than the market as a whole.

The acquisition will increase Heineken's presence in the north and north-east of Brazil, allow it to boost sales of the premium lagers Heineken and Sol and yield cost savings.

It already has five breweries in Brazil from its 2010 acquisition of the beer business of Mexico's FEMSA.

"None of the normal ratios work because it's loss-making, but it's a very attractive price," said Trevor Stirling, beverage analyst at Bernstein Research.

Some analysts have also said the deal is important as it makes Heineken a stronger rival in a heartland of global beer leader AB InBev just as the latter has pushed into Heineken's markets elsewhere through its takeover of SABMiller.

The acquisition, dependent on approval by Brazil's antitrust agency, is expected to close in the first half of the year.

Separately, Kirin said it would take a 51% stake in a beer company in Myanmar. The company, Mandalay Brewery, will be 49% owned by Myanmar Economic Holdings. Kirin and Myanmar Economic Holdings already run already another beer joint venture, Myanmar Brewery.

Kirin also said it had ended capital alliance talks with Coca-Cola Group, though the two companies would continue to discuss a potential operational partnership.