The European Commission has approved Suntory Holdings' $13.6 billion purchase of U.S. peer Beam Inc, making the Japanese company the world's third-largest spirits producer. The deal brings together Beam's brands including Jim Beam bourbon with Suntory's Japanese whiskies and its Bowmore Scotch whisky."The Commission concluded that the transaction would not raise competition concerns," the EU executive said on Tuesday.Reuters reported on April 7 that the deal would go ahead.Suntory, which generates more than 90 percent of its business in Japan, is seeking overseas growth to offset the shrinking domestic market as the population ages. Beam is the No. 4 premium spirits company in the world.
Beam Inc. (Beam) is a premium spirits company that makes and sells branded distilled spirits products in markets worldwide. Shares of BEAM traded higher by 0.13% or $0.11/share to $83.38. In the past year, the shares have traded as low as $60.82 and as high as $84.00. On average, 2866280 shares of BEAM exchange hands on a given day and today's volume is recorded at 1829459.
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