Heineken announced a new phase of share repurchasing, for up to € 300m, which will be executed between 20 June and 5 September 2011. The shares repurchased will be delivered to FEMSA and are part of the deal Heineken concluded with FEMSA when acquiring the latter’s beer division. Heineken in total needs to deliver approximately 29m of its own shares under this agreement and has so far delivered 13.1m whereas it has already bought back 14.9m shares so far (until 16 June 2011). The remaining 1.8m shares will be delivered before 1 July 2011. Our View: The announcement is no surprise. With a net debt/EBITDA ratio at only 2.2x at year-end 2010, Heineken clearly has the financial firepower to speed up the repurchase program faster than the contractual timeframe of maximum 5 years. BUY and € 50 target price maintained.