Heineken/Femsa Deal Official

Dear Client: Wow, that was fast. As WSJ reported last night, Femsa has agreed to an all share deal with Heineken valued at $7.347 billion. Femsa will receive approximately 43 million shares of Heineken Holding and 72 million shares of Heineken NV over a 5 year term. This gives Femsa a 20% economic interest in Heineken. In order to fund the transaction, Heinkene will assume $2.1 billion in debt including Femsa's unfunded pension obligations. José Antonio Fernández Carbajal, chairman of