Daily Archives: July 29, 2016

SABMiller’s board to recommend AB InBev offer to shareholders

SABMiller’s board will recommend its shareholders accept the final offer of £45 per share made by AB InBev on Tuesday, the company said on Friday, ending a week of intrigue on the future of the beer industry’s biggest merger.

The merger, which is valued at £79bn ($104.89bn), still has to be voted on by shareholders.

AB InBev, SABMiller merger nears completion as China gives its conditional approval

Anheuser-Busch InBev’s (AB InBev) $103.4bn acquisition of its smaller rival, SABMiller, dubbed the mega-merger, appeared close to becoming a reality on Friday as China’s Ministry of Commerce gave its conditional approval to the deal. China had been the last major regulatory hurdle for the brewer to overcome.

AB InBev’s profit slumps in Q2 on foreign exchange related charge

Anheuser-Busch InBev on Friday reported a drop in second quarter profit as it took a one-time extra-ordinary charge of $1.77bn related its $100bn plus acquisition of SABMiller.

The brewer of Budweiser, Stella Artois, Skol, among others hedged £45bn ($59.36bn) towards the deal in December at an average rate of $1.53 per pound. When Britain voted in favour of leaving the European Union, the currency’s value fell to $1.33 a pound on June 30, when the company’s second quarter ended.