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May 27 2012 11:21
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London - The London High Court on Tuesday granted brewer SABMiller Plc an injunction to freeze a move by rival Diageo Plc to take a stake in a Tanzanian brewery and end a key contract.
"The High Court in London has granted SABMiller an injunction which stops (Kenya's) East African Breweries Ltd (EABL), which is 52.8% owned by SABMiller, under which TBL manufactures and sells EABL brands in Tanzania.
SBL is Tanzania's second biggest brewer after TBL and is owned by a group of private investors.
As part of a deal dating back to 2002, EABL owns a 20% stake in TBL and TBL owns a 20% stake in EABL's Kenya Breweries unit.
A spokesperson for SABMiller welcomed the ruling, adding that regardless of the the outcome of arbitration EABL would be prevented from acquiring SBL until January 2011.
However, a spokesperson for Diageo said the judgement had effectively "maintained the status quo" as both parties had already agreed to go to arbitration.
"We've always said our that future (in Tanzania) lies with SBL," she said.
- Reuters