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Saturday 23 August 2014

Molson Coors buys Irish craft brewery

Published 15/01/2013 | 05:00

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THE UK and Ireland wing of beer giant Molson Coors has bought a brewery built on the site of a 13th-Century monastery. The company acquired the Franciscan Well Craft beer brand and micro-brewery in Cork and will also be developing a new brewery in the city under plans to expand its capacity.

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It is the first development from the new Emerging Markets & Craft Beer unit, headed by Niall Phelan, set up to oversee its interest in craft beer in both countries. Mr Phelan said the craft beer market grew 100pc in Ireland and 13pc in the UK alone in 2012.

Industrial output in eurozone falls

INDUSTRIAL output across the 17 eurozone states fell in November for the third month in a row, official figures out yesterday show.

The figures are a further sign that the region will likely remain stuck in recession for the fourth quarter of 2012. The 0.3pc monthly decline reported by Eurostat, the EU's statistics office, was worse than expected. The market consensus was that output would increase a modest 0.1pc during the month.

The figures are likely to cement market expectations that the recession in the eurozone has deepened. Year-on-year, industrial production in the eurozone was down by 3.7pc.

Irish Life offloads sovereign annuity

IRISH Life Group said it completed the sale of its first sovereign annuity product.

"This is believed to be one of the first sales of a sovereign annuity product by the life and pensions industry in Ireland," the company said. Sovereign annuities are a new product linked to long-dated bonds issued by Ireland's National Treasury Management Agency.

US investor Harris cuts stake in BoI

Bank of Ireland shareholder Harris Associates has cut its stake in the bank to less than 6pc.

The US investor is the biggest private shareholder to stick with the bank since before it was bailed out. The stake was cut to 5.89pc yesterday, according to a filing with the Irish Stock Exchange. The stake has dropped from over 7pc as recently as last October, but had been 5pc at the start of 2012. For a period in 2011, Harris was briefly the biggest single private-sector investor in Bank of Ireland, before a consortium led by Wilbur Ross and Prem Watsa took a stake in the lender.

Irish Independent

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