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Anheuser-Busch InBev NV + SAB Miller = AB/InBev SABMiller = ABIS??

AB InBev, SABMiller Reach Agreement on Acquisition???

If Anheuser-Busch InBev seals a deal with SABMiller, the breadth of the new company's brews will be impressive. Budweiser, Peroni, Pilsner Urquell, and Stella Artois will all flow from the same corporate tap. (Grolsch and Goose Island, too.) Together, the companies—No. 1 and No. 2, respectively—control roughly one-third of the global beer market by volume, according to Euromonitor International (www.bloomberg.com/news/articles/2015-10-12/forget-inbev-and-sabmiller-here-are-the-markets-where-local-beers-rule).
(www.iex.nl/Column/165810/IEXLiveblog-overnames-bier-en-KPN.aspx)


SABMiller en AB Inbev zijn samen heel erg groot, maar er zijn ook nog lokaaltjes (www.iex.nl/Column/165810/IEXLiveblog-overnames-bier-en-KPN.aspxwww.bloomberg.com/news/articles/2015-10-12/forget-inbev-and-sabmiller-here-are-the-markets-where-local-beers-rule).  In dit overzicht mis ik Heineken, ook dat grote bedrijf is in feite een 'lokaaltje', of wat te denken van de Tsjechische Budweiser?

SAB Miller has snubbed three takeover proposals as too low, including a potential offer of 65 billion pounds ($100 billion) yesterday, despite support for the overture from its largest shareholder. The offer would require AB InBev to borrow about $64 billion of new debt, analysts at CreditSights wrote yesterday, in a deal that may surpass Verizon Communications Inc.’s $49 billion bond sale in 2013
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AB InBev accused SABMiller’s board of refusing to “meaningfully engage” and sought to rally support from shareholders for the plan, which would combine the world’s two biggest brewers in one of the biggest acquisitions ever.
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"The fact that it may move away from a friendly takeover could negatively impact credit-default swaps,” said Duncan Fox, a Bloomberg Intelligence analyst. “SAB has plenty of joint venture partners. If they have an agreed deal, these relationships will be managed. With an aggressive deal, things may be different.”
(www.bloomberg.com/news/articles/2015-10-08/ab-inbev-credit-risk-soaring-on-sabmiller-merger-financing-plans).

AB InBev Says SABMiller Board's Opposition Lacks Credibility
Anheuser-Busch InBev NV turned up the heat on SABMiller Plc after three takeover proposals failed to get talks going, saying the board’s opposition lacks credibility and shareholders are being offered a price the brewer alone won’t achieve any time soon.
SABMiller’s rejection isn’t credible because the price of 42.15 pounds a share in cash that most stockholders would receive is 44 percent above where SABMiller was trading before speculation of a deal, Leuven, Belgium-based AB InBev said in a statement Thursday. Also, Altria Group Inc., SABMiller’s largest shareholder, has urged talks over the 65.2 billion-pound ($99.7 billion) potential offer, AB InBev said (www.bloomberg.com/news/articles/2015-10-08/ab-inbev-urges-sabmiller-shareholders-to-push-board-for-talks).

SABMiller Cuts Output, Fires Workers in War-Torn South Sudan (www.bloomberg.com/news/articles/2015-10-09/sabmiller-cuts-production-fires-workers-in-war-torn-south-sudan)

Anheuser-Busch InBev NV raised its proposed bid for SABMiller Plc to about 67.4 billion pounds ($103.6 billion), seeking to bring the U.K. brewer to the negotiating table ahead of Wednesday’s deadline for an offer that would create the world’s dominant beermaker.....“This new offer is just to get SABMiller to come to the table,” De Wet Schutte, an analyst at Avior Capital Markets in Cape Town, said by phone. “Given the picture SABMiller has been painting of its potential growth, this latest offer may still be a bit light.
SABMiller’s investors around the globe are now choosing sides in the industry’s biggest-ever deal. Marlboro maker Altria -- the biggest shareholder, with a 27 percent stake -- supported AB InBev’s previous proposal, and a spokesman declined to comment Monday. An investment banker close to Colombia’s Santo Domingo family, which controls 14 percent, said SABMiller has better growth prospects than its larger suitor. On Friday, two big institutional shareholders backed SABMiller’s rejection. The revised proposal changes little, said Javier Gonzalez Lastra, an analyst at Berenberg. (www.bloomberg.com/news/articles/2015-10-12/ab-inbev-raises-sabmiller-takeover-proposal-to-103-6-billion).

InBev has until Wednesday to close a deal with SABMiller. If it can't make its case by then, it will have to stew for at least six months, according to U.K. rules on corporate acquisitions (www.bloomberg.com/news/articles/2015-10-12/forget-inbev-and-sabmiller-here-are-the-markets-where-local-beers-rule).

Anheuser-Busch InBev NV closed in on the biggest corporate takeover in U.K. history after proposing to pay almost $106 billion for SABMiller Plc to create a brewer selling one in every third beer worldwide....SABMiller said its board is prepared to recommend the offer, as shares in the target rose 9 percent in London. A successful takeover would give AB InBev beer brands such as Peroni and Grolsch and control of about half of the industry’s profit.
The agreement, which is tentative, caps weeks of back-and-forth over price, with SABMiller saying three previous overtures undervalued its business. After years of speculation, AB InBev’s pursuit of its nearest rival was hastened by the drag of slowing economies in the emerging markets of China and Brazil. For AB InBev Chief Executive Officer Carlos Brito, the combination would cap a $90 billion dealmaking spree over the last decade, turning a regional brewer into the undisputed global leader.
"SAB did a great job playing poker and driving the price higher," said Peter Braendle, who manages about $450 million in stocks, including SABMiller and AB InBev, at Zuercher Kantonalbank in Zurich. "ABI will do everything in its power to make this a success."
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The SABMiller proposal is an acquisition partly borne out of necessity, with AB InBev’s growth set to slow over the next five years, estimates compiled by Bloomberg show.
A 20 percent drop in SABMiller shares in the months preceding the approach and the prospect of an end to cheap credit also served as a catalyst to a takeover.
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AB InBev and SABMiller agreed to seek a two-week extension to Wednesday’s deadline for a formal offer, giving them until 5 p.m. London time on Oct. 28 to hammer out the agreement. AB InBev would pay a fee of $3 billion if it fails to get approval from regulators and shareholders. The new company will be incorporated in Belgium.
SABMiller’s two largest shareholders, Altria Group Inc. and Bevco Ltd., can receive cash and stock valued at 39.03 pounds a share for their stakes, which account for 41 percent of the company. They won’t be able to sell the shares for five years, and will have the right to nominate directors.
Altria, which had already endorsed AB InBev’s first public overture, said it is pleased about the latest steps and that it “looks forward to working constructively with both parties.”
(www.bloomberg.com/news/articles/2015-10-13/ab-inbev-agrees-to-buy-sabmiller-for-104-billion-in-record-deal)

The proposed takeover of SABMiller by the brewer of Bud Light, Busch and Rolling Rock has set up a dramatic clash of corporate cultures. AB InBev has a long track record of relentless cost-cutting at companies it acquires, and Chief Executive Officer Carlos Brito once boasted that he doesn’t “like people at the company to have fun.” 
By contrast, working at SABMiller -- which makes dozens of brands such as Kozel, Foster’s and Blue Moon -- sounds like it can be a blast.
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AB InBev has experience in transforming relatively cushy corporate cultures -- Brito ended the free beer benefit at Anheuser Busch -- but there’s a deep gulf in attitudes between it and SABMiller. Should its $100 billion offer succeed, that could lead to an exodus of executives fearful of working under Brito’s watchful gaze at the British brewer, complicating integration efforts.
A takeover could mean a “situation similar to what we’ve seen in their past deals, where they cut costs hugely,” said Robert Jan Vos, an analyst at ABN AMRO. “It’s a hard culture. It’s tough and very competitive internally.”
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Brito has frequently extolled the virtue of frugality at the company he built through dozens of acquisitions. “If the guy buying my Stella Artois is paying a premium over my Budweiser, what do they expect me to do with that money?” he said in a 2010 lecture at Stanford University’s business school. “If I have lavish offices and corporate jets and five-course meals when I travel at the Four Seasons, would our consumer be proud if they knew we spent their money like that?
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In the past, Brito has said it’s fine if the rigors of working for him drive some executives away. He’s happy to replace them with hungry recent graduates of MBA programs. In 2010, he deemed departures after the Anheuser-Busch deal “great, because we then promoted people and they said, ‘this is my company now.’ ”
His attitudes are rooted in broader practices at companies purchased by 3G Capital, an investment vehicle created by the billionaire Brazilian investors who control AB InBev. That group, led by Jorge Paulo Lemann, has also acquired Burger King, Heinz, Kraft Foods, and Canadian donut chain Tim Hortons.
Those deals all followed a similar template. First comes so-called zero-based budgeting, a system of expense-planning popularized by Lemann whereby every cost needs to be justified, starting from a blank sheet of paper each quarter. A small army of management consultants is hired to oversee those plans, scrutinizing budgets line by line.
No detail is too small. At Heinz, miniature fridges were unplugged to save on electric costs and staff were given monthly limits of 200 pages of printing and $15 for office supplies. At Kraft, employees lost their free cheese sticks and Jell-O (www.bloomberg.com/news/articles/2015-10-09/at-sabmiller-bracing-for-a-culture-of-no-beer-no-lunch-no-fun).

Megabrew by the Numbers: A $106 Billion Deal in Four Charts
The proposed combination of Anheuser-Busch InBev NV and SABMiller Plc would sell one out of every three beers brewed worldwide, and reap about half of the beer industry’s profits.
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Buying SABMiller would diversify the Budweiser maker’s portfolio. AB InBev would gain access to more than $7 billion in African revenue, from brands such as Castle Lager and Carling Black Label. SABMiller generates almost a third of its revenue and profit from Africa, the world’s fastest-growing beer market. About 65 million Africans are due to reach the legal drinking age by 2023, and AB InBev would like to serve them a Budweiser. Here’s what the combined company might look like (www.bloomberg.com/news/articles/2015-10-13/megabrew-by-the-numbers-a-106-billion-deal-in-four-charts):


Zie hier een filmpje over het bod van veel geld, misschien te veel?

En is ABIS nu te groot? ABIS, Abyss, Abyssos... is de overname een teken van bierige hybris?

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