Brewer Anheuser-Busch InBev is set to win conditional EU approval for its $100 billion-plus takeover of SABMiller after agreeing to substantial asset sales, three people familiar with the matter said on Friday.
The Belgium-based maker of Budweiser, Corona and Stella Artois is looking to boost its presence in Africa and Latin American countries to offset weaker markets such as the United States, where drinkers are shunning mainstream lagers in favor of craft brews and cocktails.
The takeover, one of the biggest in the corporate world, will give AB InBev a third of the global beer market.
AB InBev, already the biggest brewer in the world, managed to allay EU competition concerns by agreeing to sell SABMiller’s Peroni, Grolsch and Meantime beer brands to Asahi Group Holdings Ltd, the people said.
Last month, the company also announced plans to sell SABMiller’s business in Czech Republic, Hungary, Poland, Romania and Slovakia to appease lingering worries from the European Commission.
The Commission and Ab Inbev declined to comment.
The EU competition enforcer is scheduled to decide on the deal by May 24. Australian and South African authorities have already given the green light.
AB Inbev is also selling SABMiller’s stake in U.S. joint venture MillerCoors to Molson Coors Brewing (TAP) and SABMiller’s stake in its CR Snow venture to China Resources Beer, to address competition concerns in other regions.
By Foo Yun Chee in Brussels and Martine Geller in London
Source: Reuters
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