Investors back £79bn ‘megabrew’ merger
SHAREHOLDERS of beer giant SABMiller have given the green light to the firm’s £79billion takeover by Budweiser brewer Anheuser-Busch InBev, paving the way for the biggest deal in UK corporate history.
SABMiller said investors backed AB InBev’s £45-a-share offer, which was upped from £44-a-share in July following the collapse in the value of the pound after the Brexit vote.
The record-breaking deal – dubbed “megabrew” – is to complete on October 10, creating a brewing giant with a raft of some of the world’s biggest beer brands.
SABMiller said 95.5 per cent of minority investors approved the deal. AB InBev needed at least 75 per cent to clinch the takeover.
The two largest shareholders in SABMiller – cigarette maker Altria Group and the wealthy Santo Domingo family of Colombia, which together control around 40 per cent of shares – were excluded from the vote, but had already pledged their support for the deal.
Investors in Belgium-based AB InBev also approved the takeover at a meeting yesterday. AB InBev said it welcomed the backing. Carlos Brito, left, chief executive of AB InBev, who will also lead the merged group, said the deal will combine the two firms’ “teams, strong heritage and passion for brewing”. “We are committed to driving longterm growth and creating value for all our stakeholders,” he added. The new group will be called AB InBev after the merger. The move comes despite opposition from some SABMiller investors. The vote was also complicated after a UK court last month ordered a split of SABMiller’s shareholder base, separating Altria and the Santo Domingo family from wider investors.
AB InBev, the world’s largest brewer, will sell one in four beers after the takeover. It has lined up £12.7billion worth of sales to secure regulatory approval, including offloading SABMiller’s Peroni, Grolsch and Meantime brands to Japanese firm Asahi.