AmBev to Buy Back Quilmes Shares

Brazil’s Ambev says it will buy back $385.6m of shares in its subsidiary Quilmes Industrial, following the expiration of a tender offer. AmBev accepted for purchase 3.1m class A shares at $4.125 per share, 8.2m class B shares at $41.25 per share, including 7.2m B shares held as ADS. The total represents 57% of the outstanding A shares and 94% of outstanding B shares. AmBev launched the offer December 28, and will own 99.26% of Quilmes upon its settlement February 15. Credit Suisse was dealer manager on the sale.