Mexican bottling company Fomento Económico Mexicano (FEMSA) has sold a combined 5.24% stake in Heineken and Heineken Holding for €2.5bn.

FEMSA sold its 3.9% stake in Heineken for €84.50 a share and its 2.67% stake in Heineken Holding for €78.00 per share. With this sale, the company currently owns a remaining 8.63% stake in Heineken and 12.26% in Heineken Holding.

Despite the sale, FEMSA will still retain its existing governance rights per the terms of a Corporate Governance Agreement.

FEMSA will have one seat on the Board of Directors of Heineken Holding and two seats on the Supervisory Board of Heineken.

"We plan to invest the proceeds of the equity offering to support our growth initiatives in Mexico in the coming years."

FEMSA CEO Carlos Salazar Lomelín said: "We have long held a very positive view of HEINEKEN as a long-term investment. The transaction priced today does not represent or reflect a change in our view or expectations.

“However, the equity offering will allow us to partially monetise our position while retaining our existing governance rights in HEINEKEN, taking advantage of the favourable tax treatment afforded by the Repatriation Decree issued by the Mexican Government.

"In accordance with the decree, we plan to invest the proceeds of the equity offering to support our growth initiatives in Mexico in the coming years."

After the sale was announced by FEMSA, L'Arche Green has expressed its intent to buy back the remaining stake of Heineken Holding from FEMSA for €200m.