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BUZZ-India's UB Group firms surge on Heineken stake hike report
May 3, 2017 / 6:08 AM / 5 months ago

BUZZ-India's UB Group firms surge on Heineken stake hike report

** Shares of United Breweries Ltd and United Breweries Holdings Ltd surge as much as 6.2 pct and 9.9 pct respectively

** Heineken International BV has approached lenders with a proposal to buy out all of Vijay Mallya's shares in United Breweries that are pledged with them, The Economic Times reported, citing banking sources (bit.ly/2pDXHVU)

** Heineken has been increasing stake in the last couple of years, and an analyst at a domestic brokerage estimates it owns close to 44 pct of the wider UB Group

** United Breweries hits its highest since Feb 7; posts biggest intraday pct gain since Oct 2016

** United Breweries Holdings posts biggest intraday pct gain since Nov 2016

** United Breweries and Heineken officials were not immediately available for comment

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