European Commission OKs Pending Acquisition Of Beam By Suntory

(RTTNews) - Whiskey maker Beam Inc (BEAM) said the $16 billion acquisition of the company by Japan's Suntory Holdings has received regulatory clearance from the European Commission. Upon completion, each share of Beam common stock will convert into the right to receive $83.50 in cash.

The companies now expect the acquisition to be complete on April 30 in the United States, and as a result, Beam's shares will no longer trade on the New York Stock Exchange effective at the end of trading on that day.

Matt Shattock, president and CEO of Beam, said, "Regulatory clearance from the European Commission paves the way to complete the transaction with Suntory Holdings next week."