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22/08/2000

Bass completes sale of brewing to Interbrew

Bass completes sale of brewing to Interbrew

Bass PLC (Bass) today, 22 August 2000, is pleased to announce that it has completed the sale of its brewing businesses to Interbrew for £2.3 billion.

The sale, which was announced on 14 June 2000, was conditional on Bass shareholder approval and clearance by the European Commission.

Shareholder approval was granted at an extraordinary general meeting on Monday 3 July 2000.

The European Commission has today adopted a decision agreeing to the request of the UK Government to refer the aspects of the transaction, relating to the supply of beer in the United Kingdom, to the Office of Fair Trading for review by it under the merger provisions of the Fair Trading Act 1973. It has also today cleared the remaining aspects of the transaction. Accordingly, both conditions precedent to the sale have been met. The sale was not conditional upon UK regulatory approval.

Iain Napier will be resigning from the Board of Bass PLC as soon as practicable as he is joining the Executive Management Committee of Interbrew SA as Chief Executive of Bass Brewers with responsibility, initially, for existing Bass Brewers' operations.

Sir Ian Prosser, Chairman of Bass PLC commented:

"We are delighted that this transaction has been completed. We will continue to focus on our strategy of developing hotels, restaurants and pubs and seek profitable investment opportunities to deliver more value to our shareholders."

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For further information, please contact:

Pugh Phillips, Director of Group Communication   020 7409 1919
Mark Rigby, Media Relations   020 7409 8571
Jonathan Atack, Investor Relations   020 7409 8153

Notes to editors:

Bass is an international leisure hospitality group operating in hotels, leisure retail and branded drinks.

  • Bass Hotels & Resorts is the world's most global hotel company whose brands include Inter-Continental Hotels and Resorts, Crowne Plaza Hotels and Resorts, Holiday Inn, Express by Holiday Inn and Staybridge Suites. It owns, operates or franchises more than 2,900 hotels and over 480,000 guest rooms in more than 95 countries and territories around the world.
  • Bass Leisure Retail operates about 3,000 managed pubs, restaurants and leisure venues including brands such as Vintage Inns, Harvester, Toby, Browns, All Bar One, It's A Scream, O'Neill's and Hollywood Bowl.
  • Bass Brewers is one of the major UK brewers of branded drinks including Carling, the UK's No 1 consumer brand, Tennent's, Worthington, Caffrey's, Bass Ale and Hooper's Hooch. Britvic Soft Drinks is one of the leading UK producers of branded soft drinks with brands such as Tango, Robinsons and Pepsi.

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