China gives conditional nod to beer takeover
Print Edition
CHINESE authorities have conditionally approved brewer Anheuser-Busch InBev’s giant takeover of SABMiller, clearing one of the last major hurdles for the US$103 billion deal to go ahead.
The Ministry of Commerce “decided to approve” the sale on condition that SABMiller’s own stake in China’s biggest brewery was disposed of, its anti-monopoly bureau said in a statement yesterday — a transaction which has already been agreed.
The takeover has previously been approved by regulators in the US, European Union and South Africa, where SABMiller has its origins.
AB InBev has agreed to concessions to win regulatory nod, including selling SABMiller’s 49 percent stake in Snow Breweries, China’s biggest beermaker.
The anti-monopoly bureau said the sale — to a unit of China Resources, SABMiller’s local partner — had to go through within 24 hours of the overall merger.
Otherwise, it said, the deal “would have the effect of eliminating and restricting competition, and ultimately would harm the interests of Chinese consumers.”
AB InBev is already the world’s top brewer and the SABMiller acquisition is in line to be the third-largest in history if it goes through.
The Belgium-based brewer of Budweiser and Stella Artois this week raised its offer for SABMiller to 45 pounds (US$59) a share, after the pound slumped following Britain’s Brexit vote, cutting the value of the deal to global investors when measured in other currencies and triggering shareholder resistance.
The new offer values the London-headquartered firm at 79 billion pounds, and the deal is set to boost the unified firms’ prospects in China and Africa.
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