DOCSLIB.ORG

The Netherlands, a Competitive Beer Market?

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Netherlands, a Competitive Beer Market? Faculty Economic and Business Program Master Economics: Industrial Organisation, Regulation and Competition Policy Thesis Supervisor Maarten Pieter Schinkel Author: Patrick Diamandas UvA Net ID 5942624 Date 08-06-2016 The Netherlands, a competitive beer market? What would be the best way to identify the relevant pilsner beer market in the Dutch hospitality industry for the competition authorities, to judge about the forthcoming acquisition of SABMiller by Anheuser-Busch Inbev? 1 Content 1.0 Introduction 3 2.0 Theory 5 2.1 Merger History 2.11 Interbrew 2.12 Ambev 2.13 Anheuser-Busch & Inbev 2.14 South African Breweries & Miller Brewing Company 6 2.2 Cartel History 8 2.3 Horizontal Mergers 9 2.4 Coordinated effects 10 2.3 Price Elasticity’s 8 2.4 Geographical Market Definition 8 2.5 Binding Contracts 9 2.6 Merger Guidelines 10 3.0 Relevant Market 11 3.1 SNIPP test 11 3.2 Price Elasticity’s 12 3.3 Cellophane Fallacy 13 3.4 Geographical Market definition 3.5 Binding Contracts 14 4.0 Merger 15 4.1 Merger Guidelines 15 4.2 Finding the relevant market 16 4.3 Elasticity’s Methods 17 4.4 Market power 18 4.5 Market Identification 19 5.0 Method 20 5.1 HHI 20 5.2 Market share deviation 20 5.3 Data reliability 21 5.4 Results 24 6.0 Concluding remarks 26 7.0 References 28 2 1. Introduction The Netherlands, a competitive beer market? In supermarkets, multiple beer brands are offered next to each other; Albert Heijn supermarkets, which has the biggest market share of supermarkets in the Netherlands, sells 13 different beer crates containing 24 bottles of 25-33 cl. (AH.nl, 2015). Tremblay (1988) wrote that pilsener beer is a nearly homogenous product and the only characteristic which distinguishes beer brands is the image created by the brand. The image is affected by the quality and intensity of a firms advertising efforts. Tremblay (1988) used multiple previously done researches which all stated quality between light domestic beers couldn’t be tasted. Recent research confirmed the fact that it is hard to taste any difference: 138 beer drinkers showed they couldn’t taste the difference between Budvar, Heineken and Stella Artois (Almenberg, Dreber, Goldstein, 2014). A combination of displaying multiple homogenous products next to each other would appear as a competitive market. Currently the nr 1 beerproducer in the world, Anheuser Busch InBev, is acquiring the nr 2, SABMiller. The - research that will be done is to look at the effects on competitiveness of the Dutch beer market after this merger. The Dutch beermarket can be divided into 2 different markets: Bottled beer, which is largly sold in supermarkets and draft beer, which most hospitality industry is using. The hospitality industry pays more per liter beer than consumers in supermarkets (Baarsma & Rosenboom, 2013). Total beer sales in the hospitality industry account for 21% of total beer sales, supermarkets 52 %, liquor stores and other shops account for 23% (Stap.nl, 2015). Previous research of SEO (Baarsma & Rosenboom, 2013) showed supermarket sales are quite competitive as multiple brands are sold next to each other, where in the hospitality industry, mostly 1 brand of pilsener is being sold due to multilple factors; 75 % of beer is being sold by licensed hospitality venues which are tied to breweries trough guarantee agreements, rental contracts, finance and loan agreements of equipements. Baarsma & Rosenboom (2013) raised some question about competitiveness between breweries in the hospitality industry, even before a merger of the 2 companies with the largest market shares in the world. In the Netherlands at the end of 2014 Heineken brands: Heineken, Amstel and Brand had a total 3 market share in beer sales of 49 %, AB Inbev brands: Jupiler, Hertog Jan and Dommelsch had a total market share of 22,2 % and SABMiller brand: Grolsch had a market share of 9,5% (Datlinq, 2014). To satisfy the Federal Trade Commission in the US, SABMiller is selling their 58% market share in MillerCoors (FD, 2015, October). Further disposal of market share would probably be necessary in China, the United Kingdom and perhaps in the Netherlands. In the Netherlands, this could be solved by selling Dommelsch to for example Bavaria (FD, 2015, October). There could be potential anti competitive effects in Great Britain because Peroni together with Grolsch could exceed the 40% market share threshold that would state the merger anti competitive. SABMiller and AB Inbev will not reach this 40% threshold in the Netherlands. Grolsch should perhaps be sold due to a unfortunate construction where Molson Coors actually dictates Grolsch. In the Netherlands, where the combined company remains well below the 40 % market share of Heineken, Grolsch should potentially be sold for anti competitive concerns in the U.K (FD, 2015, December). This was the only potential threat to disallow the merger by the European Commission according to the “ Financieel Dagblad” newspaper in the Netherlands. For competition policy, market power is important to identify. In merger cases, it has to be understood if it will be profitable to raise prices for merging firms. To identify market power, the market definition should be correct in both the product and the geographic dimension (Motta, 2004). To find the relevant market the small but significant non-transitory increase in prices test, simplified SNIPP-test could be done. If a hypothetical monopolist of the market could gain profit by increasing the price by 5-10%, the relevant market is chosen. In this research there will be looked at pilsner beer in the Dutch hospitality industry with the following research question: What would be the best way to identify the relevant pilsener beer market in the Dutch hospitality industry for the competition authorities, to judge about the forthcoming acquisition of SABMiller by Anheuser-Busch Inbev? 4 2. Theory 2.1 Merger History 2.11 Interbrew The Belgium company, Interbrew was formed by a merger of Artois and Piedboef in 1987. Interbrew started expanding their borders and acquired the Canadian company, Labatt Brewing Company in 1995, the Russian Sun Group in 1999, and two United Kingdom based breweries, Whitbread and Bash in 2000. When the Germans Becks was acquired they would have to sell the Carling part of Bash in 2002 due to competitive constraints in the United Kingdom. This would make Interbrew competitive with the three largest breweries at that time; Anheuser-Busch, Heineken N.V. and Miller Brewing Co. 2.12 Ambev Ambev originated in 1999 from a merger between the two Brazilian company’s, Brahma and Antartica. To expand in Northern Latin America a joint venture established in 2002 between Ambev and The Central America Bottling Corporation; Ambev Centroamerica. Subsequently in 2003 a Southern expansion followed by the aquisition of the largest shares in Quinsa, the largest shareholder of the largest Argentinian brewery, Quilmes (Ambev.com, 2016) . 2.13 Anheuser-Busch & Inbev In 2004 the worldwide number three and five brewers, Interbrew and Ambev merged, where Interbrew changed their name to Inbev and became the largest shareholder of Ambev. Inbev became the largest brewery by overtaking number one Anheuser-Busch and number two SABMiller. Anheuser-Busch, the creator of Budweiser and Bud Light firstly sold their most beer in the United States before conquering the global beer market with their own brands. To set foot in the Chinese market, they won the 2004 battle with SABMiller to take over the Chinese fourth largest brewery, Harbin (NY Times, 2004). In 2008 the global number one brewery, Inbev and number two, Anheuser-Busch merged into Anheuser Busch Inbev. For this merger to occur it was necessary to sell the US part of Labatt breweries to North American Breweries to preclude anti competitive concerns in this region. More competitive concerns rose when Grupo Modelo, the maker of Corona beer, was acquired in 2012. This will be covered in Chapter Geographical Market Definition. 5 2.14 South African Breweries & Miller Brewing Company South African Breweries brewed their famous Castle beer since 1895. The 1993 acquisition of the Hungarian Dreher Brewery was the beginning of a game-changing decade of mergers and acquisitions. In 1994 SAB entered Tanzania, Angola, Mozambique, Zambia and negotiated a joint control with China Resources, the second largest brewery in Mainland China. The next years Poland, Romania and Czech followed before the first day of trading on the London Stock Exchange in 1999. In 2001 SAB was the first international brewery to enter the Central American market and acquired Miller Brewing Company, at that time the second largest brewery in the US, changing the company name to SABMiller. The next decade more acquisitions followed: Colombia’s Bavaria S.A, the second largest brewer in Latin America, in 2005, Koninlijke Grolsch N.V. in 2007, a joint venture in the U.S. with Molson Coors started in 2008, The leading Australian brewery, Foster’s in 2011, the Turkish EFES was acquired in 2012 and the English Meantime Brewery in 2015. Today, in 95% of the markets where SABMiller is operating, they are the leading, or number two brewery (SABMiller, 2016). In the first figures below the brands brands of InBev are shown and in the second figure below, the company takeovers to Form Anheuser-Busch Inbev are shown. Source: (Inbev, 2016) 6 7 2.2 Cartel History In 2001 the European Commision fined 4 breweries for participating in two secret cartels on the Belgian beer market between 1993 and 1998 (Europese Commissie IP/01/1739, 2001). These cartels were unique because they were the first proven cartels where the most important managers of the large beer breweries were participating. The first cartel involved market sharing, price fixing and information exchange in the hospitality industry and retail sector between Interbrew, the then market leader in Belgium and Alken-Maes/Danone, the number two brewery.
Load more

Recommended publications
  • The Deity's Beer List.Xls
    Page 1 The Deity's Beer List.xls 1 #9 Not Quite Pale Ale Magic Hat Brewing Co Burlington, VT 2 1837 Unibroue Chambly,QC 7% 3 10th Anniversary Ale Granville Island Brewing Co. Vancouver,BC 5.5% 4 1664 de Kronenbourg Kronenbourg Brasseries Stasbourg,France 6% 5 16th Avenue Pilsner Big River Grille & Brewing Works Nashville, TN 6 1889 Lager Walkerville Brewing Co Windsor 5% 7 1892 Traditional Ale Quidi Vidi Brewing St. John,NF 5% 8 3 Monts St.Syvestre Cappel,France 8% 9 3 Peat Wheat Beer Hops Brewery Scottsdale, AZ 10 32 Inning Ale Uno Pizzeria Chicago 11 3C Extreme Double IPA Nodding Head Brewery Philadelphia, Pa. 12 46'er IPA Lake Placid Pub & Brewery Plattsburg , NY 13 55 Lager Beer Northern Breweries Ltd Sault Ste.Marie,ON 5% 14 60 Minute IPA Dogfishhead Brewing Lewes, DE 15 700 Level Beer Nodding Head Brewery Philadelphia, Pa. 16 8.6 Speciaal Bier BierBrouwerij Lieshout Statiegeld, Holland 8.6% 17 80 Shilling Ale Caledonian Brewing Edinburgh, Scotland 18 90 Minute IPA Dogfishhead Brewing Lewes, DE 19 Abbaye de Bonne-Esperance Brasserie Lefebvre SA Quenast,Belgium 8.3% 20 Abbaye de Leffe S.A. Interbrew Brussels, Belgium 6.5% 21 Abbaye de Leffe Blonde S.A. Interbrew Brussels, Belgium 6.6% 22 AbBIBCbKE Lvivske Premium Lager Lvivska Brewery, Ukraine 5.2% 23 Acadian Pilsener Acadian Brewing Co. LLC New Orleans, LA 24 Acme Brown Ale North Coast Brewing Co. Fort Bragg, CA 25 Actien~Alt-Dortmunder Actien Brauerei Dortmund,Germany 5.6% 26 Adnam's Bitter Sole Bay Brewery Southwold UK 27 Adnams Suffolk Strong Bitter (SSB) Sole Bay Brewery Southwold UK 28 Aecht Ochlenferla Rauchbier Brauerei Heller Bamberg Bamberg, Germany 4.5% 29 Aegean Hellas Beer Atalanti Brewery Atalanti,Greece 4.8% 30 Affligem Dobbel Abbey Ale N.V.
    [Show full text]
  • Big Beer Duopoly a Primer for Policymakers and Regulators
    Big Beer Duopoly A Primer for Policymakers and Regulators Marin Institute Report October 2009 Marin Institute Big Beer Duopoly A Primer for Policymakers and Regulators Executive Summary While the U.S. beer industry has been consolidating at a rapid pace for years, 2008 saw the most dramatic changes in industry history to date. With the creation of two new global corporate entities, Anheuser-Busch InBev (ABI) and MillerCoors, how beer is marketed and sold in this country will never be the same. Anheuser-Busch InBev is based in Belgium and largely supported and managed by Brazilian leadership, while MillerCoors is majority-controlled by SABMiller out of London. It is critical for federal and state policymakers, as well as alcohol regulators and control advocates to understand these changes and anticipate forthcoming challenges from this new duopoly. This report describes the two industry players who now control 80 percent of the U.S. beer market, and offers responses to new policy challenges that are likely to negatively impact public health and safety. The new beer duopoly brings tremendous power to ABI and MillerCoors: power that impacts Congress, the Office of the President, federal agencies, and state lawmakers and regulators. Summary of Findings • Beer industry consolidation has resulted in the concentration of corporate power and beer market control in the hands of two beer giants, Anheuser-Busch InBev (ABI) and MillerCoors LLC. • The American beer industry is no longer American. Eighty percent of the U.S. beer industry is controlled by one corporation based in Belgium, and another based in England. • The mergers of ABI and MillerCoors occurred within months of each other, and both were approved much quicker than the usual merger process.
    [Show full text]
  • Tilburg University Expansion Patterns of Dutch Firms in Central And
    Tilburg University Expansion patterns of Dutch firms in Central and Eastern Europe Drogendijk, H.J. Publication date: 2001 Document Version Publisher's PDF, also known as Version of record Link to publication in Tilburg University Research Portal Citation for published version (APA): Drogendijk, H. J. (2001). Expansion patterns of Dutch firms in Central and Eastern Europe: Learning to internationalize. CentER, Center for Economic Research. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Download date: 29. sep. 2021 Expansion patterns of Dutch firms in Central and Eastern Europe: learning to internationalize Expansion patterns of Dutch firms in Central and Eastern Europe: learning to internationalize Proefschrift ter verkrijging van de graad van doctor aan de Katholieke Universiteit Brabant, op gezag van de rector magnificus, prof. dr. F.A. van der Duyn Schouten, in het openbaar te verdedigen ten overstaan van een door het college voor promoties aangewezen commissie in de aula van de Universiteit op vrijdag 7 december 2001 om 14:15 uur door Henrieke Johanna Drogendijk geboren op 8 januari 1971 te Amsterdam Promotor: prof.
    [Show full text]
  • 2012 Winners List
    ® 2012 Winners List Category 1: American-Style Wheat Beer, 23 Entries Category 29: Baltic-Style Porter, 28 Entries Gold: Wagon Box Wheat, Black Tooth Brewing Co., Sheridan, WY Gold: Baltic Gnome Porter, Rock Bottom Denver, Denver, CO Silver: 1919 choc beer, choc Beer Co., Krebs, OK Silver: Battle Axe Baltic Porter, Fat Heads Brewery, North Olmsted, OH Bronze: DD Blonde, Hop Valley Brewing Co., Springfield, OR Bronze: Dan - My Turn Series, Lakefront Brewery, Milwaukee, WI Category 2: American-Style Wheat Beer With Yeast, 28 Entries Category 30: European-Style Low-Alcohol Lager/German-Style, 18 Entries Gold: Whitetail Wheat, Montana Brewing Co., Billings, MT Silver: Beck’s Premier Light, Brauerei Beck & Co., Bremen, Germany Silver: Miners Gold, Lewis & Clark Brewing Co., Helena, MT Bronze: Hochdorfer Hopfen-Leicht, Hochdorfer Kronenbrauerei Otto Haizmann, Nagold-Hochdorf, Germany Bronze: Leavenworth Boulder Bend Dunkelweizen, Fish Brewing Co., Olympia, WA Category 31: German-Style Pilsener, 74 Entries Category 3: Fruit Beer, 41 Entries Gold: Brio, Olgerdin Egill Skallagrimsson, Reykjavik, Iceland Gold: Eat A Peach, Rocky Mountain Brewery, Colorado Springs, CO Silver: Schönramer Pils, Private Landbrauerei Schönram, Schönram, Germany Silver: Da Yoopers, Rocky Mountain Brewery, Colorado Springs, CO Bronze: Baumgartner Pils, Brauerei Jos. Baumgartner, Schaerding, Austria Bronze: Blushing Monk, Founders Brewing Co., Grand Rapids, MI Category 32: Bohemian-Style Pilsener, 62 Entries Category 4: Fruit Wheat Beer, 28 Entries Gold: Starobrno Ležák,
    [Show full text]
  • Bijlage – Overzicht Medaillewinnaars AB Inbev Medaillewinnaar World Beer Awards 2018 Bierstijl Medaille Hertog Jan: Grand Pres
    Bijlage – overzicht medaillewinnaars AB InBev Medaillewinnaar World Beer Awards 2018 Bierstijl Medaille Hertog Jan: Grand Prestige Vintage Barley Wine Country Winner Hertog Jan: Dubbel Belgian Style Dubbel Country Winner Hoegaarden: Rosee Flavoured (Fruit & Vegetable) Silver Medal Franziskaner Alkoholfrei Blutorange Flavoured (Low Alcohol) Country Winner Franziskaner Alkoholfrei Zitrone 0,0% Flavoured (Low Alcohol) Silver Medal Hertog Jan: Grand Prestige Vatgerijpt 2017 Goose Island Flavoured (Wood Age) Country Winner Hertog Jan: Grand Prestige Vatgerijpt 2017 Bourbon Flavoured (Wood Age) Gold Medal Birra del Borgo: ReAle Extra IPA American Style Country Winner Jupiler pils Lager Classic Pilsner Country Winner Beck's Pils: FRISCH. PUR. ECHT Lager Classic Pilsner Bronze Medal Löwenbräu: Original Hell Bronze Medal Lager Helles Beck's Gold: FRISCH. MILD. ECHT International Lager Country Winner Hertog Jan: Enkel Lager Seasonal Country Winner Leffe: Ambree Pale Belgian style Ale Silver Medal Julius Pale Belgian Style Strong Bronze Medal Hertog Jan: Arcener Tripel Pale Belgian Style Tripel Country Winner Leffe: D'ete Pale Seasonal Silver Medal Brewery Bosteels: Deus Specialty Beers Brut Beers Country Winner Hertog Jan: Grand Prestige Vatgerijpt 2018 Bourbon vanilla Specialty Beers Experimental Country Winner Hoegaarden: Rosee 0.0 Wheat Beer Alcohol Free Silver Medal Franziskaner Alkoholfrei: Alkoholfreies Weißbier Wheat Beer Alcohol Free Silver Medal Hertog Jan: Weizener Wheat Beer Belgian style Witbier Country Winner Franziskaner Dunkel: Dunkles
    [Show full text]
  • Anheuser-Busch Inbev
    Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV Best Beer Company Bringing People Together For a Better World Contents 1 Our Manifesto 2 Letter to Shareholders 6 Strong Strategic Foundation 20 Growth Driven Platforms 36 Dream-People-Culture 42 Bringing People Together For a Better World 49 Financial Report 155 Corporate Governance Statement Open the foldout for an overview of our financial performance. A nheuser-Busch InBev Annual / 2014 Report Anheuser-Busch InBev 2014 Annual Report ab-inbev.com Our Dream: Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV Best Beer Company Bringing People Together For a Better World Contents 1 Our Manifesto 2 Letter to Shareholders 6 Strong Strategic Foundation 20 Growth Driven Platforms 36 Dream-People-Culture 42 Bringing People Together For a Better World 49 Financial Report 155 Corporate Governance Statement Open the foldout for an overview of our financial performance. A nheuser-Busch InBev Annual / 2014 Report Anheuser-Busch InBev 2014 Annual Report ab-inbev.com Anheuser-Busch InBev Annual Report 2014 1 ABOUT ANHEUSER-BUSCH INBEV About Revenue was Focus Brand volume EBITDA grew 6.6% Normalized profit Net debt to EBITDA 47 063 million USD, increased 2.2% and to 18 542 million USD, attributable to equity was 2.27 times. Anheuser-Busch InBev an organic increase accounted for 68% of and EBITDA margin holders rose 11.7% Driving Change For of 5.9%, and our own beer volume. was up 25 basis points in nominal terms to Anheuser-Busch InBev (Euronext: ABI, NYSE: BUD) is the leading AB InBev’s dedication to heritage and quality originates from revenue/hl rose 5.3%.
    [Show full text]
  • The Challenges Facing South African Breweries· (SAB) When the New Liquor Act Is
    The challenges facing South African Breweries· (SAB) when the new Liquor Act is implemented. A dissertation presented to: The Graduate School ofBusiness University ofKwa-Zulu Natal Submitted in partial fulfilment ofthe requirements for the degree of MASTERS OF BUSINESS ADMINISTRATION UNIVERSITY OF KWA-ZULU NATAL Supervisor: Dr A Gani By Anandrai Dabechuran Student Number: 202 520 373 June 2004 I SABMiller plc was created in 2002 when SAB acquired 100% ofMiller Brewing Company, the second largest brewery in the United States by volume at that time. This transaction positioned SABMiller plc as the second largest brewery in the global market. CONFIDENTIALITY CLAUSE To Whom It May Concern Re: Confidentiality Clause Due to the strategic importance ofthis research, it would be appreciated if the contents remain confidential and not be circulated for a period offive (5) years. Sincerely A. Dabechuran 0.·L-o,4I ':0 j.QJ -7 ;1 Lt 11 DECLARATION DECLARATION This research has not been previously accepted for any degree and is not being currently submitted in candidature for any degree. oID~~((~ Slgned ~ . tl J5 u~e JOOY- Date 6 . 11l ACKNOWLEDGEMENTS I thank the Lord Almighty for giving me the strength and courage to complete this study. Thanks to my wife and son for being patient and supporting me during this period. Thanks to the management and staff of SAB at Springfield Depot for their guidance, support and contribution to this study. 2 A special thanks to the sales representatives of the main-market , for assisting me In completing the questionnaire during their customer calls. To all the participants who so obligingly completed the questionnaire, thank you.
    [Show full text]
  • Legal Latest Competition, EU and Regulatory Newsletter November/December 2017
    Legal latest Competition, EU and Regulatory newsletter November/December 2017 Investigations All five suppliers acknowledged their involvement in the cartels and agreed to settle the case. Takata AB InBev under investigation for preventing was not fined for three of the cartels as it revealed cheaper imports of beer their existence to the Commission (thereby avoiding The European Commission has informed AB InBev an aggregate fine of approximately €74 million). of its preliminary view that the company has abused Tokai Rika was not fined for one of the cartels as it its dominant position on the Belgian beer market, revealed its existence to the Commission (thereby by hindering cheaper imports of its Jupiler and avoiding an aggregate fine of approximately Leffe beers from the Netherlands and France into €15 million). Belgium. Anheuser-Busch InBev SA (“AB InBev”) has a very State Aid strong position on the Belgian beer market. Its Irish support scheme for SMEs most popular beer brands in Belgium are Jupiler The Commission has found a €10 million Irish aid and Leffe. AB InBev also sells these two brands in scheme to facilitate the restructuring of small and the Netherlands and France. The Commission’s medium sized companies (“SMEs”) in Ireland, to be investigation has shown that in these two countries, in line with EU State Aid rules. AB InBev sells Jupiler and Leffe at lower prices than in Belgium due to the increased competition it faces Under the scheme, which will run until 2020, there. Enterprise Ireland will be entitled to offer restructuring support to SMEs in financial difficulty.
    [Show full text]
  • FROM the GRILL STEAK FRITES 160Gr Lakenvelder Beef, Artisan Fries, Pasta Béarnaise & Green Leaf Salad
    evening menu • PLATES & APPETISERS • Experience our City vibes CHARCUTERIE As a famous Haarlem garden architect and real Burgundian, Zocher is the “Brandt & Levie” cold cuts .................10,00 inspiration for our lively meeting place. The Zocher family was known for the • PLATEAU ZOCHER • design of various gardens and parks in Haarlem, the most famous design being HAARLEMSE FROMAGERIE Tasting platter with different the Vondelpark in Amsterdam, and the Frederikspark located next to our hotel. “Bourgondisch Latifstyle” 5 cheeses with cheeses, sausages & “bitterballen” The gardens of Zocher were decorated with many primeval vegetables wich you apple syrup and dried fruit bread .... 13,50 7,50 per person can find in our kitchen! Our chef works closely with local suppliers and uses real and fair robust ingredients. ORGANIC BITTERBALLEN 6 pieces ..................................................... 7,00 BIETERBALLEN • STARTERS • Vegetarian beetroot bitterballen 6 Pieces ..................................................... 7,00 SALADS TASTE OF ZOCHER HOMEMADE PATÉ CLASSIC CAESAR SALAD Combination of Confit of duck, foie gras, MATURED CHEESE STICKS Romaine lettuce, egg, Zocher’s starters ......................... 15,50 p.p onion raisin marmalade 6 Pieces ..................................................... 7,00 Parmesan,homemade Caesar & toasted brioche .................... .......... 13,50 dressing & anchovies ............. 9,50 L 13,50 SHRIMP COCKTAIL OLIVES, BREAD ROLLS, SMOKED TOMATO Grilled chicken ...............................
    [Show full text]
  • The Beer Industry in Africa: a Case of Carving out Geographic Markets?
    The beer industry in Africa: a case of carving out geographic markets? Lauralyn Kaziboni and Reena Das Nair ompetition investigations on abuse of dominance by market, while Namibia was supplied by Afrisam in accord- near-monopoly beer producers have typically been ance with the cartel agreement. The understanding was that C limited to national boundaries and within the jurisdic- each would not target the other’s territory. The companies tion of single national competition authorities. However, it is were able to monitor the collusive agreement, inter alia, by increasingly recognised that viewing transgressions as neatly sharing monthly sales information. The conduct resulted in falling within political borders is restrictive, and often misses higher prices and higher (economic) profit margins for the the ‘bigger picture’ of the firm’s overall strategy and conduct. firms involved.6 For instance, conduct characterised as abuse of dominance in one country may be part of a broader picture of that firm Developments in the beer industry being ‘allocated’ that country or region as part of a collusive Similar regional market allocation arrangements are present agreement, while fellow cartel members are allocated other in the beer industry in Africa. Market allocation through cartel countries or regions. The implicit (or explicit) understanding arrangements serves to maintain the dominant positions of may be that the firms will not target each other’s allocated incumbent firms in individual country markets, and often countries or regions. Therefore, addressing the abuse of gives rise to incentives to abuse this position of market pow- dominance issues in a single country when such arrange- er.
    [Show full text]
  • {BREWERS} ACC/2305 Page 1 Reference Description Dates BARCLAY P
    LONDON METROPOLITAN ARCHIVES Page 1 COURAGE BARCLAY AND SIMONDS LIMITED {BREWERS} ACC/2305 Reference Description Dates BARCLAY PERKINS AND COMPANY LIMITED: CORPORATE Minutes and related papers ACC/2305/01/0001/001 'Partners record book' minutes of partners' Jul 1877 - Jan decisions 1897 ACC/2305/01/0001/002 Note of continued credit agreements with Mar 1878 Apr Messrs. Tyrer and Son, Liverpool 1879 Enclosed in ACC/2305/01/001/1 ACC/2305/01/0002 Board and general meeting minute book Jun 1895 - Oct Indexed 1898 Former Reference: 'No.1' ACC/2305/01/0003 Board and general meeting minute book Oct 1898 - Dec Indexed 1900 Former Reference: 'No.2' ACC/2305/01/0004 Board and general meeting minute book Jan 1901 - Indexed Nov 1902 Former Reference: 'No.3' ACC/2305/01/0005 Board and general meeting minute book Nov 1902 - Indexed Aug 1904 Former Reference: 'No.4' ACC/2305/01/0006 Board and general meeting minute book Sep 1904 - Indexed May 1906 Former Reference: 'No.5' ACC/2305/01/0007 Board and general meeting minute book Jun 1906 - Indexed Nov 1907 Former Reference: 'No.6' ACC/2305/01/0008 Board and general meeting minute book Nov 1907 - Indexed Jun 1909 Former Reference: 'No.7' ACC/2305/01/0009/001 Board and general meeting minute book Jun 1909 - Feb Indexed 1911 Former Reference: 'No.8' ACC/2305/01/0009/002 Note of appointments of director etc. Mar 1910 Enclosed in ACC/2305/01/009/1 LONDON METROPOLITAN ARCHIVES Page 2 COURAGE BARCLAY AND SIMONDS LIMITED {BREWERS} ACC/2305 Reference Description Dates ACC/2305/01/0010 Board, committee and general
    [Show full text]
  • Background Note Hiv Prevention 2020: a Global
    Agenda item 9 UNAIDS/PCB (40)/17.14 UNAIDS PROGRAMME COORDINATING BOARD UNAIDS/PCB (40)/17.14 Issue date: 9 June 2017 FORTIETH MEETING Date: 27–29 June 2017 Venue: Executive Board Room, WHO, Geneva ---------------------------------------------------------------------------------------------------------------- Agenda item 9 BACKGROUNDHIV prevention 2020: a global partnership for delivery NOTE BACKGROUND NOTE HIV PREVENTION 2020: A GLOBAL PARTNERSHIP FOR DELIVERY ---------------------------------------------------------------------------------------------------------------- 27-29 June 2017 | Geneva, Switzerland UNAIDS Programme Coordinating Board Issue date: 31 May 2017 UNAIDS/PCB(40)/17.14 Page 2/48 Disclaimer The case studies referred to in this background note are presented as they were submitted, and do not imply or otherwise, express or suggest endorsement, a relationship with or support by UNAIDS and its mandate and/or any of its Cosponsors, Member States and civil society. The content of the case studies has not been independently verified. UNAIDS makes no claims, promises or guarantees about the completeness and accuracy of the content of the case studies, and expressly disclaims any liability for errors and omissions in the content. The designations employed and the presentation of the case studies do not imply the expression of any opinion whatsoever on the part of UNAIDS concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. Nor does the content of the case studies necessarily represent the views of Member States, civil society, the UNAIDS Secretariat or the UNAIDS Cosponsors. For further reference, the case studies can be found online as a Conference Room Paper via the PCB website: UNAIDS/PCB (40)/CRP4 UNAIDS/PCB(40)/17.14 Page 3/48 TABLE OF CONTENTS INTRODUCTION .........................................................................................................................
    [Show full text]