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In April 2002, the Chairman of Heineken, Karel Vuursten, handed over the reigns of the world’s third largest brewers to his long‐time number two Thony Ruys, and in doing so spelt out a strong message of continuity to both employees and analysts alike. Although the potential for major mergers still looms in the background, Heineken seems content to continue its worldwide expansion (reflected in steadily increasing profits over recent years) through smaller acquisitions and partnerships.

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