FEMSA announces an approximately EUR 3.3 billion offering of shares
of Heineken N.V. and Heineken Holding N.V. and a Concurrent Tap
issuance of up to EUR 250 million of FEMSA’s existing Exchangeable
Bonds due 2026 exchangeable into shares of Heineken Holding
N.V.
Fomento Económico Mexicano, S.A.B. de C.V.
(“
FEMSA” or the “
Company”) (NYSE:
FMX; BMV: FEMSAUBD, FEMSAUB) announces today an offering by the
Company and its wholly-owned subsidiaries Compañía Internacional de
Bebidas, S.A. de C.V. and Grupo Industrial Emprex, S. de R.L. de
C.V. of existing issued ordinary shares of both Heineken N.V. and
Heineken Holding N.V. (together, the “
Heineken
Group”) in the total amount of approximately EUR 3.3
billion (approximately 5.9% of the combined interest in the
Heineken Group) (the “
Equity Offering”). The
Company also announces today a tap issuance of euro denominated
senior unsecured bonds in the aggregate principal amount of up to
EUR 250 million (the “
New
Bonds”), exchangeable into ordinary shares of
Heineken Holding N.V. (the “
Exchangeable Offering”
and together with the Equity Offering, the
“Offering”). The New Bonds will be consolidated
and form a single series with the Company’s EUR 500 million 2.625%
senior unsecured Exchangeable Bonds due 2026, originally issued on
24 February 2023 (the “
Original Bonds” and
together with the New Bonds, the “
Bonds”) with
effect from on or about 18 July 2023 (the “
Consolidation
Date”).
The Offering has been approved by FEMSA’s board
of directors and is conducted and announced in accordance with
applicable law.
Equity Offering
The Equity Offering will be executed via an
accelerated bookbuild to qualified investors.
Investors will have the opportunity to acquire
shares in the Equity Offering in Heineken N.V. and Heineken Holding
N.V. The total number of shares to be sold in the Equity Offering
and the selling price per share for each of Heineken N.V. and
Heineken Holding N.V. will be determined at pricing subject to a
minimum number of 26.4 million shares of Heineken N.V. and 8.9
million shares of Heineken Holding N.V.
L'Arche Green N.V., the entity through which the
Heineken Family exercises control of Heineken Holding N.V., is
expected to participate in the Equity Offering for an amount of c.
EUR 50 million in shares in Heineken Holding N.V.
Additionally, Heineken N.V. has committed to
purchase a fixed amount equivalent to 10% of Heineken Shares and/or
Heineken Holding Shares that will be sold pursuant to the Equity
Offering, subject to certain conditions.
Exchangeable Offering
The New Bonds will be offered and sold outside
the United States to non-U.S. persons (as defined in Regulation S
("Regulation S") under the U.S. Securities Act of
1933 (the "U.S. Securities Act")).
The New Bonds will have the same terms and
conditions (except for the issue price and issue date) as the
Original Bonds.
The New Bonds will be issued at an issue price
that will be determined with reference to the selling price of the
shares in the Equity Offering in Heineken Holding N.V. immediately
following the pricing of the Equity Offering.
It is intended that an application will be made
for the New Bonds to be admitted to trading in an identical manner
to the Original Bonds on the Open Market (Freiverkehr) of the
Frankfurt Stock Exchange as soon as reasonably practicable
following the settlement date and in any event not later than the
Consolidation Date.
No prospectus is required in respect of the New
Bonds or the admission to trading of the New Bonds and no
prospectus or similar document will be published in connection with
the Concurrent Equity Offering.
Delta Placement
The Company has been informed by the Active
Joint Bookrunners (as defined below) that the Active Joint
Bookrunners may organise a simultaneous placement of existing
Heineken Holding N.V. shares on behalf of certain subscribers of
the New Bonds who wish to sell these shares in short sales to
purchasers procured by the Active Joint Bookrunners in order to
hedge the market risk to which the subscribers are exposed with
respect to the New Bonds that they acquire in the Exchangeable
Offering (the “Delta Placement”). The placement
price for the existing Heineken Holding N.V. shares sold in the
Delta Placement shall be determined via an accelerated bookbuilding
process that will be carried out by the Active Joint Bookrunners
concurrently with the Equity Offering (together with the Equity
Offering, the “Concurrent Equity Offering”).
None of the Company, Compañía Internacional de
Bebidas, S.A. de C.V. or Grupo Industrial Emprex, S. de R.L. de
C.V. will receive any proceeds, directly or indirectly, from any
existing Heineken Holding N.V. shares sold pursuant to the Delta
Placement, if any.
Subscribers of New Bonds on whose behalf the
Delta Placement, if any, is organised will bear all costs
associated therewith and any and all customary broking
commissions.
Any offer or sale of existing shares in the
Heineken Group in the Concurrent Equity Offering will be made (A)
(i) outside the United States in offshore transactions in reliance
on Rule 903 of Regulation S under the U.S. Securities Act or (ii)
within the United States to qualified institutional buyers (as
defined in Rule 144A under the U.S. Securities Act) pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act, and (B) with
respect to sales in the EEA or the UK, to qualified investors as
defined in the Prospectus Regulation (as defined below).
The Company and its subsidiaries are subject to
lock-up undertakings ending 60 days after the closing of the
Exchangeable Offering, subject to customary exceptions, as well as
waiver by the Active Joint Bookrunners.
Use of Proceeds
The Company will use the proceeds of the
Offering for general corporate purposes.
Syndicate and Bookbuilding
Process
Barclays Bank PLC is acting as sole financial
adviser to FEMSA in respect of the Exchangeable Offering and the
Concurrent Equity Offering (the “Sole Financial
Adviser”).
BofA Securities, Goldman Sachs International,
J.P. Morgan and Morgan Stanley are acting as active joint
bookrunners (the “Active Joint Bookrunners”) in
respect of the Offering and the Delta Placement, if any.
The Active Joint Bookrunners will commence the
Offering and the Delta Placement, if any, immediately, and books
will open with immediate effect, following the release of this
announcement.
The timing of the closing of the books, pricing and
allocations are at the absolute discretion of the Company and the
Active Joint Bookrunners. The final pricing of the Concurrent
Equity Offering and the final terms of the New Bonds are expected
to be determined and announced on May 31, 2023. Settlement of the
Concurrent Equity Offering is expected to take place on June 2,
2023. The Exchangeable Offering is expected to close on June 7,
2023.
This press release relates to the disclosure of
information that qualified, or may have qualified, as inside
information within the meaning of Article 7(1) of the EU Market
Abuse Regulation.
About FEMSA FEMSA is a company
that creates economic and social value through companies and
institutions and strives to be the best employer and neighbor to
the communities in which it operates. It participates in the retail
industry through a Proximity Division operating OXXO, a
small-format store chain, OXXO Gas, a chain of retail service
stations, and Valora, an operator of convenience and foodvenience
formats present in 5 countries in Europe. In the retail industry it
also participates though a Health Division, which includes
drugstores and related activities and Digital@FEMSA, which includes
Spin by OXXO and OXXO Premia, among other loyalty and digital
financial services initiatives. In the beverage industry, it
participates through Coca-Cola FEMSA, the largest franchise bottler
of Coca-Cola products in the world by volume; and in the beer
industry, as the second largest shareholder of Heineken, one of the
world’s leading brewers with operations in over 70 countries. FEMSA
also participates in the logistics and distribution industry
through its Strategic Business Unit, which additionally provides
point-of-sale refrigeration and plastic solutions to its business
units and third-party clients. Across its business units, FEMSA has
more than 320,000 employees in 18 countries. FEMSA is a member of
the Dow Jones Sustainability MILA Pacific Alliance, the FTSE4Good
Emerging Index and the Mexican Stock Exchange Sustainability Index:
S&P/BMV Total México ESG, among other indexes that evaluate its
sustainability performance.
FEMSA Forward Announcement
The foregoing transactions are consistent with the
strategic initiatives announced by FEMSA on February 15, 2023, as a
result of a thorough strategic review of its business platform,
including the bottom-up definition of long-range plans for each
business unit, as well as the top-down analysis of FEMSA’s
corporate and capital structure. That announcement is available at:
https://www.globenewswire.com/news-release/2023/02/15/2609255/0/en/FEMSA-Forward-Announcing-results-of-strategicreview.html.
That announcement does not form part of this communication.
Disclaimer
The Offering does not require the approval of
FEMSA’s shareholders.
No action has been taken by the Company, the
Active Joint Bookrunners or any of their respective affiliates that
would permit an offering of the New Bonds, the shares in the Equity
Offering in Heineken N.V. and Heineken Holding N.V. or the existing
Heineken Holding N.V. shares sold in the Delta Placement (together
the “Securities”) or possession or distribution of
this announcement or any offering or publicity material relating to
the Securities in any jurisdiction where action for that purpose is
required. The distribution of this announcement and the offer and
sale of the Securities in certain jurisdictions may be restricted
by law. Persons into whose possession this announcement or other
information referred to herein comes are required by the Company
and the Active Joint Bookrunners to inform themselves about, and to
observe, any such restrictions.
This announcement is not for distribution,
directly or indirectly in or into the United States or to, or for
the account or benefit of, U.S. persons (as defined in Regulation S
under the U.S. Securities Act). This announcement is not an offer
to sell securities or the solicitation of any offer to buy
securities, nor shall there be any offer of securities in any
jurisdiction in which such offer or sale would be unlawful.
The Securities are not being offered to the
public in any jurisdiction and may not be offered to the public in
any jurisdiction in circumstances which would require the
preparation or registration of any prospectus or offering document
relating to the Securities in such jurisdiction. This announcement
is not an offer of securities or investments for sale nor a
solicitation of an offer to buy securities or investments in any
jurisdiction where such offer or solicitation would be unlawful.
This announcement does not contain or constitute an offer for sale
or the solicitation of an offer to purchase securities in the
United States, Australia, Canada, Japan or South Africa or in any
jurisdiction in which such offer or solicitation is unlawful. The
Securities have not been and will not be registered under the U.S.
Securities Act and may not be offered or sold in the United States
or, in the case of the New Bonds or the shares to be delivered upon
exchange of the Bonds, to U.S. persons, absent registration under
the U.S. Securities Act or pursuant to an available exemption from,
or in a transaction not subject to, the registration requirements
of the U.S. Securities Act. There will be no public offer of the
Securities in the United States, Australia, Canada, Japan or South
Africa. No action has been taken by FEMSA, the Active Joint
Bookrunners or any of their respective affiliates to permit a
public offering of the Securities or possession or distribution of
this announcement in any jurisdiction where action for that purpose
is required. Neither this announcement nor anything contained
herein shall form the basis of, or be relied upon in connection
with, any offer or purchase whatsoever in any jurisdiction and
shall not constitute or form part of an offer to sell or the
solicitation of an offer to buy any securities in the United States
or in any other jurisdiction.
This announcement is an advertisement and does
not comprise a prospectus for the purposes of the Prospectus
Regulation (as defined below) and/or Part VI of the Financial
Services and Markets Act 2000 of the United Kingdom or otherwise
and has not been approved by the Dutch Authority for the Financial
Markets (Stichting Autorireit Financiële Markten) or any other
European securities supervisory authority. It is for information
purposes only and is not to be relied upon in substitution for the
exercise of independent judgement. It is not intended as investment
advice and under no circumstances is it to be used or considered as
an offer to sell to, or a solicitation of an offer to buy any
security nor is it a recommendation to buy or sell any
security.
This announcement and the offering when made are
only addressed to, and directed in, member states of the European
Economic Area (the “EEA”) (each, a “Member
State”) and the United Kingdom, at persons who are
“qualified investors” within the meaning of the Prospectus
Regulation (“Qualified Investors”) or to and at
other persons to whom the offering can otherwise be made pursuant
to available exemptions under the Prospectus Regulation. For these
purposes, the expression "Prospectus Regulation" means Regulation
(EU) 2017/1129, as amended and Regulation (EU) 2017/1129 as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018 (the “EUWA”).
Solely for the purposes of the product
governance requirements contained within: (a) EU Directive
2014/65/EU on Markets in Financial Instruments, as amended
(“MiFID II”); (b) Articles 9 and 10 of Commission
Delegated Directive (EU) 2017/593 supplementing MiFID II; (c) local
implementing measures in the EEA; (d) Regulation (EU) No 600/2014
as it forms part of United Kingdom domestic law by virtue of the
EUWA (“UK MiFIR”); and (e) the FCA Handbook
Product Intervention and Product Governance Sourcebook (together,
the “Product Governance Requirements”), and
disclaiming all and any liability, whether arising in tort,
contract or otherwise, which any “Manufacturer” (for the purposes
of the Product Governance Requirements) may otherwise have with
respect thereto, the New Bonds have been subject to a product
approval process, which has determined that: (i) the target market
for the New Bonds is (a) in the EEA, eligible counterparties and
professional clients only, each as defined in MiFID II and (b) in
the United Kingdom, eligible counterparties (as defined in the FCA
Handbook Conduct of Business Sourcebook) and professional clients
(as defined in UK MiFIR); and (ii) all channels for distribution of
the New Bonds to eligible counterparties and professional clients
are appropriate. Any person subsequently offering, selling or
recommending the New Bonds (a "distributor")
should take into consideration the Manufacturers’ target market
assessment; however, a distributor subject to MiFID II or the
Product Governance Requirements is responsible for undertaking its
own target market assessment in respect of the New Bonds (by either
adopting or refining the Manufacturers’ target market assessment)
and determining appropriate distribution channels.
The target market assessment is without
prejudice to the requirements of any contractual or legal selling
restrictions in relation to any offering of the New Bonds.
For the avoidance of doubt, the target market
assessment does not constitute: (a) an assessment of suitability or
appropriateness for the purposes of MiFID II or UK MiFIR; or (b) a
recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to
the New Bonds.
The New Bonds are not intended to be offered,
sold or otherwise made available to and should not be offered, sold
or otherwise made available to any retail investor in the EEA or
the United Kingdom. For these purposes, a retail investor means (a)
in the EEA, a person who is one (or more) of: (i) a retail client
as defined in point (11) of Article 4(1) of MiFID II; or (ii) a
customer within the meaning of Directive (EU) 2016/97, where that
customer would not qualify as a professional client as defined in
point (10) of Article 4(1) of MiFID II and (b) in the United
Kingdom, a person who is one (or more) of (i) a retail client, as
defined in point (8) of Article 2 of Regulation (EU) no 2017/565 as
it forms part of United Kingdom domestic law by virtue of the EUWA
or (ii) a customer within the meaning of the provisions of the
Financial and Services and Markets Act 2000 (the
“FSMA”) and any rules or regulations made under
the FSMA to implement Directive (EU) 2016/97, where that customer
would not qualify as a professional client, as defined in point (8)
of Article 2(1) of Regulation (EU) no 600/2014 as it forms part of
United Kingdom domestic law by virtue of the EUWA.
Consequently, no key information document
required by Regulation (EU) No 1286/2014, as amended (the
"PRIIPs Regulation") or the PRIIPs Regulation as
it forms part of United Kingdom domestic law by virtue of the EUWA
(the “UK PRIIPs Regulation”) for offering or
selling the New Bonds or otherwise making them available to retail
investors in the EEA or the United Kingdom has been prepared and
therefore offering or selling the New Bonds or otherwise making
them available to any retail investor in the EEA or the United
Kingdom may be unlawful under the PRIIPs Regulation and/or the UK
PRIIPs Regulation.
In addition, in the United Kingdom, this
announcement is being distributed only to, and is directed only at,
Qualified Investors who are persons who have professional
experience in matters relating to investments falling within
Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the
“Order”) or who are high-net-worth entities and
other persons to whom it may otherwise lawfully be communicated,
falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as “Relevant
Persons”). This announcement is directed only at Relevant
Persons and must not be acted on or relied on (i) in the United
Kingdom, by persons who are not Relevant Persons, and (ii) in a
Member State of the EEA, by persons who are not Qualified
Investors. Any investment or investment activity to which this
announcement relates is available only to (a) Relevant Persons in
the United Kingdom and will be engaged in only with Relevant
Persons in the United Kingdom and (b) Qualified Investors in Member
States of the EEA. Any person in the United Kingdom who is not a
Relevant Person should not act or rely on this announcement or any
of its contents.
This announcement has not been and will not be
registered as a prospectus with the Monetary Authority of
Singapore. Accordingly, this announcement and any other document or
material in connection with the offer or sale, or invitation for
subscription or purchase, of the New Bonds may not be circulated or
distributed, nor may the New Bonds be offered or sold, or be made
the subject of an invitation for subscription or purchase, whether
directly or indirectly, to any person in Singapore other than (i)
to an institutional investor (as defined in Section 4A of the
Securities and Futures Act 2001 of Singapore, as modified or
amended from time to time (the “SFA”)) pursuant to
Section 274 of the SFA, (ii) to a relevant person (as defined in
Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA,
or any person pursuant to Section 275(1A) of the SFA, and in
accordance with the conditions specified in Section 275 of the SFA,
or (iii) otherwise pursuant to, and in accordance with the
conditions of, any other applicable provision of the SFA.
Singapore SFA Product Classification: In
connection with Section 309B of the SFA and the Securities and
Futures (Capital Markets Products) Regulations 2018 of Singapore
(the “CMP Regulations 2018”), the Company has
determined, and hereby notifies all relevant persons (as defined in
Section 309A(1) of the SFA), that the New Bonds are ‘prescribed
capital markets products’ (as defined in the CMP Regulations 2018)
and Excluded Investment Products (as defined in MAS Notice SFA
04-N12: Notice on the Sale of Investment Products and MAS Notice
FAA-N16: Notice on Recommendations on Investment Products).
The New Bonds have not been and will not be
registered with the Mexican National Banking and Securities
Commission (Comisión Nacional Bancaria y de Valores, or
“CNBV”), and therefore, may not be publicly
offered or sold in Mexico; the New Bonds, however, may be offered
or sold in Mexico, on a private placement basis, solely to
investors that qualify as institutional or accredited investors, as
defined under Mexican law, pursuant to the private placement
exemption set forth in Article 8 of the Mexican Securities Market
Law and regulations thereunder. The terms and conditions of the New
Bonds will be notified by the Company to the CNBV as required under
applicable law for statistical and information purposes only. The
delivery of such notice to, and the receipt thereof by, the CNBV,
does not constitute or imply any certification as to the investment
quality of the New Bonds, or the solvency, liquidity or credit
quality of FEMSA.
Any decision to purchase any of the Securities
should only be made on the basis of an independent review by a
prospective investor of the Company’s and the Heineken Group’s
publicly available information. None of the Sole Financial Adviser,
the Active Joint Bookrunners, their respective affiliates or any of
their or their respective affiliates’ directors, officers,
employees, advisers or agents accept any liability arising from the
use of, or make any representation or warranty, express or implied,
as to the accuracy or completeness of, this announcement the
Company’s publicly available information, or any other information
relating to FEMSA, its subsidiaries or associated companies,
whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever
arising from any use of this announcement or its contents or
otherwise arising in connection therewith. The information
contained in this announcement is subject to change in its entirety
without notice up to the final settlement date.
Each prospective investor should proceed on the
assumption that it must bear the economic risk of an investment in
the Securities. None of the Company, the Sole Financial Adviser or
the Active Joint Bookrunners make any representation as to (i) the
suitability of the Securities for any particular investor, (ii) the
appropriate accounting treatment and potential tax consequences of
investing in the Securities or (iii) the future performance of the
Securities either in absolute terms or relative to competing
investments.
An investment in the Securities includes a
significant degree of risk. In making any decision to purchase any
of the Securities, an investor will be deemed (a) to have such
business and financial experience as is required to give it the
capacity to protect its own interests in connection with the
purchase of the Securities, (b) not to have relied on (i) any
investigation that the Active Joint Bookrunners or any of their
respective affiliates, or any person acting on behalf of the Active
Joint Bookrunners or any of their respective affiliates, may have
conducted with respect to the FEMSA, Heineken Holding N.V. or any
of the Securities or (ii) any discussions, negotiations or other
communications entered into with, or any other written or oral
information made available by any of the Active Joint Bookrunners
or their respective officers, employees or agents, (c) to have made
its own investment decision regarding the Exchangeable Offering
and/or the Concurrent Equity Offering based on its own knowledge,
investigation and assessment of FEMSA, FEMSA’s subsidiaries,
Heineken Holding N.V., Heineken N.V., the Exchangeable Offering
and/or the Concurrent Equity Offering, the terms of the Securities
and the terms of the placement of the Securities, and based on such
other publicly available information it deems necessary,
appropriate and sufficient (and which it confirms it has been able
to access, read and understand) and (d) to have consulted its own
independent advisers or to otherwise have satisfied itself
concerning, without limitation, accounting, regulatory, tax or
other consequences in the light of its particular situation under
the laws of all relevant jurisdictions.
The Sole Financial Adviser and the Active Joint
Bookrunners are acting on behalf of FEMSA and no one else in
connection with the Exchangeable Offering and the Equity Offering
and will not be responsible to any other person for providing the
protections offered to clients of the Sole Financial Adviser or the
Active Joint Bookrunners or for providing advice in relation to the
Exchangeable Offering and/or the Equity Offering.
The Sole Financial Adviser, which is authorised
by the Prudential Regulation Authority and regulated by the
Financial Conduct Authority and the Prudential Regulation Authority
in the United Kingdom, has been engaged by the Company solely as
financial adviser to the Company in respect of the Exchangeable
Offering and the Concurrent Equity Offering. For the avoidance of
doubt, the Sole Financial Adviser will have no role in procuring
subscribers for the New Bonds or in placing of shares in the
Concurrent Equity Offering.
In connection with the sale of the Exchangeable
Offering and the Concurrent Equity Offering, the Sole Financial
Adviser, the Active Joint Bookrunners and any of their affiliates
may take up a portion of the Securities as a principal position and
in that capacity may retain, purchase, sell, offer to sell for
their own accounts such Securities and other securities of the
Company, the Heineken Group or related investments in connection
with the Exchangeable Offering and the Concurrent Equity Offering
or otherwise. Accordingly, references in this announcement to the
Securities being sold, offered, subscribed, acquired, placed or
otherwise dealt in should be read as including any issue or offer
to, or subscription, acquisition, placing or dealing by, the Sole
Financial Adviser, any of the Active Joint Bookrunners and any of
their affiliates acting in such capacity. In addition, the Sole
Financial Adviser, the Active Joint Bookrunners and any of their
respective affiliates may enter into financing arrangements
(including swaps or contracts for differences) with investors in
connection with which the Active Joint Bookrunners and any of its
affiliates may from time to time acquire, hold or dispose of the
Securities. Neither the Sole Financial Adviser nor the Active Joint
Bookrunners intend to disclose the extent of any such investment or
transactions otherwise than in accordance with any legal or
regulatory obligation to do so. In addition, each of the Sole
Financial Adviser, the Active Joint Bookrunners and their
respective subsidiaries and affiliates may perform services for, or
solicit business from, the Company, the Heineken Group, may make
markets in the securities of such persons and/or have a position or
effect transactions in such securities.
Each of the Company, the Sole Financial Adviser,
the Active Joint Bookrunners and their respective affiliates
expressly disclaims any obligation or undertaking to update, review
or revise any statement contained in this announcement whether as a
result of new information, future developments or otherwise.
Buyers of New Bonds who wish to sell shares in
the Delta Placement are deemed to have represented, warranted and
agreed that (i) they understand that the shares have not been and
will not be registered under the U.S. Securities Act and may not be
offered or sold within the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act, (ii) they
have not offered or sold, and will not offer or sell, any shares
within the United States except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of
the U.S. Securities Act and (iii) neither they, nor any of their
affiliates nor any persons acting on their behalf have engaged or
will engage in any directed selling efforts (as defined in
Regulation S under the U.S. Securities Act) or general solicitation
or general advertising (within the meaning of Regulation D under
the U.S. Securities Act) in the United States with respect to the
shares.
No assurance can be given that the Exchangeable
Offering or the Concurrent Equity Offering will be consummated or
as to the ultimate terms of the Exchangeable Offering or the
Concurrent Equity Offering. This announcement contains certain
forwardlooking statements that reflect the current views and/or
expectations of the Company and its management with respect to its
performance, business and future events. We use words such as
“believe,” “anticipate,” “plan,” “expect,” “intend,” “target,”
“estimate,” “project,” “predict,” “forecast,” “guideline,” “should”
and other similar expressions to identify forward-looking
statements, but they are not the only way we identify such
statements. Such statements are subject to a number of risks,
uncertainties and assumptions. We caution you that a number of
important factors could cause actual results to differ materially
from the plans, objectives, expectations, estimates and intentions
expressed in this release. FEMSA is under no obligation and
expressly disclaims any intention or obligation to update revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
Copies of this announcement are not being, and
must not be, mailed, or otherwise forwarded, distributed or sent
in, into or from the United States or any other jurisdiction in
which such mailing would be illegal, or to publications with a
general circulation in those jurisdictions, and persons receiving
this announcement (including custodians, nominees and trustees)
must not mail or otherwise forward, distribute or send it in, into
or from the United States or any other jurisdiction in which such
mailing would be illegal or to publications with a general
circulation in those jurisdictions.
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