News Summary: Heineken inches toward Tiger buy

AP News
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Posted: Aug 22, 2012 2:15 PM
News Summary: Heineken inches toward Tiger buy

BOTTOM'S UP: Heineken NV reported weak first-half earnings, with margins hurt by rising costs, although the Dutch brewer did report an increase in sales and market share.

ONE-TIME ITEMS: Heineken's net profit was €783 million ($976 million), up from €605 million a year ago. Earnings would have declined about 5 percent excluding a gain this year and high restructuring costs last year.

TIGER HUNT: Heineken NV has purchased a 2.68 percent stake in Tiger beer maker for around $290 million, even as it struggles to buy a much larger, controlling stake, from Singapore's Fraser and Neave for $4.7 billion.