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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Sabmiller | SAB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 4,494.50 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 4,494.50 |
| Top Posts |
|---|
Posted at 29/9/2016 00:48 by spob 28 September 2016Shareholders back AB InBev and SABMiller £79bn ‘Megabrew̵ Scheherazade Daneshkhu, Consumer Industries Editor FT SABMiller shareholders voted overwhelmingly in favour of the £79bn offer from Anheuser-Busch InBev, paving the way for the Belgian brewer to clinch the third-largest merger in corporate history after a year-long pursuit. Wednesday’s vote, held at a hotel in London’s Park Lane near SAB’s Mayfair headquarters, resulted in 95.5 per cent of SAB shareholders accepting the larger brewer’s £45-a-share cash offer and approving the UK’s biggest corporate deal. More On this topic AB InBev pays $6m to settle US charges AB InBev deal yields $2bn in fees and taxes AB InBev to dominate merged brewer Analysis AB InBev bid for SABMiller loses its fizz IN Food & Beverage AG Barr to cut jobs as sales dip Japan Coca-Cola talks reach critical phase Big UK food producers suffer sales fall Shepherd Neame toasts seaside pubs trade Megabrew, as the merger has been dubbed, combines the world’s two largest brewers in an industry that has heavily consolidated over the past decade and faces challenges from the growth of craft beer. The takeover will result in AB InBev, whose brands include Budweiser, Stella Artois, Beck’s and Corona, selling one in four beers around the world and reaping 45 per cent of the industry’s profits. It will also mark the end of the former South African Breweries’ 120-year history as an independent company, instead giving AB InBev coveted access to fast-growing beer markets in Africa, where it barely has a presence and in those parts of Latin America where it was not already dominant. In Brussels, where AB InBev shareholders also endorsed the deal, the brewer announced that the enlarged group’s name would remain AB InBev, with no incorporation of the SABMiller moniker. That provoked some disappointment at the already subdued London gathering. But Jan du Plessis, SAB chairman who helped bid up AB InBev’s price, said: “AB InBev are paying a full price for the company; they can do with the company what they wish, they can call it what they wish; that’s the way life works and that’s fine. That’s the way it is.” The acquisition is the most ambitious in a series of audacious takeovers spearheaded by Jorge Paulo Lemann, the Brazilian billionaire who is AB InBev’s single largest individual shareholder. SAB’s two largest investors — Altria, the US tobacco company and BevCo, the family investment vehicle of Colombia’s Santo Domingo family — were excluded from the vote, following a UK High Court ruling last month to treat them as a separate class of shareholder. Instead, Altria and BevCo, which own a combined 41 per cent of SAB, formalised in a separate vote their acceptance of AB InBev’s partial share alternative of 0.483969 in AB InBev shares and £4.66 in cash for each SAB share. The UK court decision followed growing investor criticism about the influence of the two biggest shareholders and the deal’s structure of two offers. The partial share offer, aimed at the two largest shareholders, ended up being more favourable than the cash offer because of the drop in the value of the pound after the UK’s Brexit vote. That pressure led to AB InBev raising its cash offer in July. Aberdeen Asset Management, which holds 1 per cent of SAB and voted against the takeover, said it was disappointed at the outcome but hoped its lobbying “helped to secure a better deal for our clients, albeit the final price still significantly undervalued SABMiller in our view”. Although the cash-and-share offer was open to all shareholders, the five-year lock-up period made it unattractive to almost all but the two largest investors for whom the structure is tax-friendly. Anna Ward, analyst at Euromonitor International, said that despite AB InBev’s global spread after the deal, it would still have to grapple with changing consumer tastes and the rise of craft beer in mature markets. “Considering the ever-growing consumer preference for small-scale local beers, creating such an industry behemoth seems arguably counter-intuitive,&# AB InBev has lined up $16.5bn in disposals of SAB assets, including Peroni and Grolsch in Europe, Miller Lite in the US and Snow in China to secure approval from antitrust regulators in more than 20 countries. The biggest remaining SAB brands are Castle Lager, Victoria Bitter and Aguila, reflecting the brewer’s more diversified and decentralised culture compared with that of AB InBev. c Separately on Wednesday, the US Securities and Exchange Commission said AB InBev had agreed to pay $6m to settle charges it made improper payments to officials in India, in violation of the Foreign Corrupt Practices Act, and blocked a whistleblower from supporting its investigation. |
Posted at 13/10/2015 09:49 by fangorn2 Guess this is why they are trading at 3944"Under the new terms, a 'partial share alternative' (PSA) will be offered for up to 41% of SABMiller shares, at a discount to the cash price paid for the rest. Investors who receive the PSA will get a split of AB InBev (ABI.BR) shares and cash worth a combined £39.03." + "Despite their rally in the morning's trading, SABMiller shares are still trading at a discount of more than 10% to the cash offer price, with investors pricing in the prospect of regulators rejecting the deal." Altria will be taking the PSA, their 27% would lead to too large a CGT gain for their stake which in on their books at about $7bn odd I gather. "SABMiller and AB InBev are also bidding to extend the deadline before which the latter must make a firm offer, which is due to fall tomorrow, until 28 October." |
Posted at 07/10/2015 15:40 by warwick69 This is also from the RNS again implies the share part is for the two institutional investors not the private investors The revised proposal is designed to enable a compelling cash offer to be made to SABMiller's public shareholders and to provide a continuing attractive investment for Altria Group, Inc. and BevCo Ltd. (who together hold approximately 41% of the SABMiller shares), which AB InBev believes will satisfy their financial requirements. Importantly, the partial share alternative enables appropriate financing to be achieved and supports the cash offer at a higher price than AB InBev would otherwise be able to offer. Further details of the partial share alternative and the pre-conditions to this revised proposal are set out below.This is pretty clear Bumba33 why do you read it differently from the above ? |
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