Read: What does the takeover mean for pubs?
The company also announced the complete divestiture of SABMiller’s interests in Miller Coors to its partner in the venture, Molson Coors for $12bn. SABMiller will now be taken over by the newly created Belgian-based company Newco, which will act as the holding company for the combined group.
Carlos Brito,AB InBev chief executive said: “By pooling our resources, we would build one of the world’s leading consumer products companies, benefitting from the experience, commitment and drive of our combined global talent base. Our joint portfolio of complementary global and local brands would provide more choices for beer drinkers in new and existing markets around the world.” Alan Clark, chief executive of SABMiller said: “The SABMiller story is a simply amazing achievement, and everyone who has been a part of it should feel immensely proud of the value they have helped create. I am sure the next chapter will bring new opportunities for exceptional success.”
Jan du Plessis, chairman of SABMiller, said: “SABMiller has an unmatched footprint in fast-growing developing markets, underpinned by our portfolio of iconic national and global brands. However, AB in Bev’s offer represents an attractive premium and cash return for our shareholders and secures earlier delivery of our long-term value potential, which is why the board of SABMiller has unanimously recommended AB Inbev’s offer.”
Alan Clark, chief executive of SAB Miller said: “SABMiller grew from small beginnings, brewing quality cold beer for thirsty miners in the dusty streets of 19th century Johannesburg. More than 120 year later, generations of incredibly talented people have built a highly-admired, high-performing global beer and beverage business.”