E-Malt.com News article: 2508

Canada, Montreal: Unibroue Inc. stock jumped 14 % to a five-year high on April 16 after the small Canadian brewery said it was the target of a takeover bid, Reuters reported on the same day. Unibroue said its controlling shareholders were in talks on the possible sale of the Chambly, Quebec-based brewery to an undisclosed bidder.

Unibroue refused to comment further on the bid received, citing confidentiality agreements. Its stock shot up 65 Canadian cents to C$5.25 on the Toronto Stock Exchange on April 16. The stock has rallied 33 % over the last two weeks, bringing the company's market value to C$9 million ($6.7 million).

Unibroue brews a slate of specialty beers such as the Blanche de Chambly, Fin du monde or Maudite. Nearly 75 percent of its C$25 million in sales come from Quebec, the rest coming from other provinces, the United States and Europe.

The company made a profit of C$1.1 million last year, up 19 % from the previous year. Unibroue is controlled by president and chief executive Andre Dion, corporate director Serge Racine and Quebec's popular singer-songwriter Robert Charlebois, who also acts as chairman of the board.


21 April, 2004