AB InBev to sell Distell stake

Anheuser-Busch InBev NV has agreed to sell SABMiller’s stake in South African spirits maker Distell Group Limited to the country’s largest Pension administrator – The Public Investment Corp (PIC) for an undisclosed amount.

According to Wednesday’s closing price on the Johannesburg Stock Exchange (JSE), the 26.4% stake is said to be worth about R8.92bn rand ($640m).

PIC, which administers South African Government’s pension fund is said to have likely gotten a good deal from AB InBev, according to analysts.

Remgro Ltd and Capevin, which together hold 53% stake in Distell did not exercise their first right to buy the shares, AB InBev said. Both companies had earlier indicated an interest in acquiring the stake.

The sale is conditional upon the approval by the South African antitrust Commission. Earlier this year, the commission approved the acquisition of SABMiller by AB InBev conditional upon AB InBev disposing of its Distell shareholdings.

Distell makes wines, spirits and ciders such as Amarula liquor, Klipdrift brandy and Savanna Dry cider, among others.

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