Argentina’s production ministry said on Wednesday it had approved a proposal from brewer Anheuser Busch InBev NV to divest seven of its brands in the country as a condition for its 2016 takeover of SAB Miller.
The $100 billion-plus takeover, which won overwhelming backing from SAB Miller shareholders in 2016, was met with similar conditions by antitrust regulators elsewhere, including the United States and Europe.
As part of the proposal from AB Inbev and Chilean brewer CCU CCU.SN, which has operations in Argentina, AB Inbev would transfer the Isenbeck, Diosa, Norte, Iguana and Baltica brands, as well as the licenses to Warsteiner and Grolsch, to CCU.
In turn, CCU would give the Argentina rights to the Budweiser brand to AB Inbev – which markets the brand globally – in exchange for a payment of up to $400 million over three years.
CCU said in a statement in September it had agreed to cede Budweiser rights to Ambev in exchange for an expected $306 million payment.
The proposal was spurred by an analysis into the SAB Miller deal by the National Competition Defence Commission.
Without the conditions, AB Inbev would have controlled 85 percent of Argentina’s beer market, the production ministry said. AB Inbev also controls Quilmes, the South American country’s most popular brand of beer.
By Luc Cohen;
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
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