Heineken's Vertical Integration Has Fringe Benefits, but Deal Offers Low Returns
Heineken will acquire the United Kingdom's Punch Taverns for GBP 305 million, or around EUR 363 million. Our first impression is that this acquisition is immaterial to Heineken's valuation but will support the firm's narrow economic moat. We believe pub management generates low returns on capital, however, and we question whether this is the optimal use of capital for Heineken, which we believe has higher-return opportunities in emerging markets.Punch Taverns comprises two independently funded...
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