News Summary: Heineken inches toward Tiger buy
BOTTOM'S UP: Heineken NV reported weak first-half earnings, with margins hurt by rising costs, although the Dutch brewer did report an increase in sales and market share.
ONE-TIME ITEMS: Heineken's net profit was (EURO)783 million ($976 million), up from (EURO)605 million a year ago. Earnings would have declined about 5 percent excluding a gain this year and high restructuring costs last year.
TIGER HUNT: Heineken NV has purchased a 2.68 percent stake in Tiger beer maker for around $290 million, even as it struggles to buy a much larger, controlling stake, from Singapore's Fraser and Neave for $4.7 billion.