Heineken’s long awaited firm offer for cider, spirits and wine business Distell and Namibian Breweries has more to it than meets the eye.

Distell’s share price fell flat on Monday as the fizz quickly escaped on what was seen as a mean R180 per share offer by some investors. But once you uncork the deal mechanics and let it settle like a fine wine, what emerges is the creation of a rapidly growing African liquor brands business with a world- class majority shareholder and manager while providing Heineken with access to a very supportive partner and with control of Distell...

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