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InBud Light? I Asked For A Bud Light (InBev Buyout Certain)

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InBud Light? I Asked For A Bud Light (InBev Buyout Certain)

Old 07-13-08, 11:52 PM
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InBud Light? I Asked For A Bud Light (InBev Buyout Certain)

Belgian company to buy largest American brewer in $50 billion deal
http://www.msnbc.msn.com/id/25663923

PHILADELPHIA - U.S. brewer Anheuser-Busch Cos Inc agreed to a $50 billion takeover by Belgium-based InBev NV, a source familiar with the situation said Sunday, creating the world's largest beer maker.

InBev, the maker of Stella Artois, and Budweiser-brewer Anheuser were not immediately available to comment.

The combined company will be called Anheuser-Busch InBev, said the source, who agreed to speak on condition of anonymity. Anheuser will get seats on the new company's board, the source said, but it was not immediately clear how many.

Adding another dimension to any deal was Mexico's No. 1 brewer Grupo Modelo , which is 50 percent owned by Anheuser. The maker of Corona beer, which has the right to choose its partner, has not yet approved InBev for that role and the two brewers remain in talks, according to one person familiar with the situation.

Modelo declined to comment.

The deal brings an amicable resolution to a month-long saga that was becoming increasingly hostile as the two companies sued each other and InBev set the stage to try to replace Anheuser's board of directors.

InBev had proposed its own slate of nominees for the board that included Adolphus Busch IV, an uncle of the current chief executive of Anheuser-Busch.

InBev lured Anheuser to the bargaining table last week by raising its offer to $70 per share from $65 per share, a 27 percent premium over Anheuser's record-high stock price in October 2002.

Shares of InBev and Anheuser surged on Friday as news of the higher offer and the negotiations emerged. Anheuser closed up 8.6 percent at $66.50, and InBev closed up more than 7 percent.

Sources had said that the two companies and their advisers had talked in New York over the weekend, working through details such as the name for the combined company, roles for Anheuser's executives and the structure of the board. The breakup fees if the deal collapses also were discussed over the weekend, the sources said.

InBev had tried to soothe some of Anheuser's concerns last month, saying it would keep Anheuser's St. Louis home as the headquarters for the North American region. Anheuser's main Budweiser beer would also become the new company's "flagship brand."

Last week, the director of the Brewery and Soft Drink Workers Conference of the International Brotherhood of Teamsters asked to meet with InBev Chairman Peter Harf and InBev Chief Executive Carlos Brito, according to a letter posted on the union's Web site http://www.budwatch.com.

Led by Chief Executive Carlos Brito, InBev is known for ruthless cost-cutting.

The union, which represents workers at all 12 of Anheuser's U.S. breweries, asked for the meeting to discuss the initial offer so it could "fulfill our responsibilities to advise and protect our members."

It was unclear if InBev and the union met.

A takeover of iconic U.S. company Anheuser has sparked an outcry from some politicians, including Democratic presidential candidate Barack Obama.

Any deal with Anheuser is complicated by its relationship with Mexico's No. 1 brewer, Grupo Modelo, which makes Corona. Modelo, already 50 percent owned by Anheuser, has the right to choose its partner and therefore has a role in discussions of any acquisition of Anheuser-Busch. Modelo could not be reached for comment.

Analysts have said that Modelo is likely to embrace InBev's bid for Anheuser and hopes the Belgian brewer proves to be a more dynamic and innovative partner than the biggest U.S. brewer.

Anheuser also owns 27 percent of China's Tsingtao Brewery Co Ltd.

While Anheuser controls nearly half the U.S. market with brands like Budweiser, Bud Light and Michelob, InBev has strong positions in Western Europe and Latin America and is growing in Eastern Europe and Asia.

InBev, which was formed by the 2004 merger of Belgium's Interbrew with Brazil's AmBev, is based in Belgium and run by a mostly-Brazilian management team.

----

'Tis a shame.
Old 07-14-08, 03:44 AM
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Eh. No big deal. Happens all the time.
Old 07-14-08, 06:39 AM
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Originally Posted by DVD Polizei
'Tis a shame.
I agree, Budweiser is a shame.
Old 07-14-08, 06:42 AM
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A good portion of the locals are pissed.

But they will still buy the crap.
Old 07-14-08, 07:15 AM
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Originally Posted by Tracer Bullet
I agree, Budweiser is a shame.
"When drinking your own urine isn't an option."
Old 07-14-08, 07:29 AM
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maybe they will actually brew real beer

my guess is that InBev wants the shelf space that Bud now controls in stores. doubt they think anyone outside the US will actually drink Bud
Old 07-14-08, 08:08 AM
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Originally Posted by al_bundy
maybe they will actually brew real beer

my guess is that InBev wants the shelf space that Bud now controls in stores. doubt they think anyone outside the US will actually drink Bud
People drink it overseas. America isn't the only nation w/ hipsters who drink imports that taste like shit.

InBev wanted A-B's U.S. distribution network.
Old 07-14-08, 08:10 AM
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Here is the article in this morning's P-D:

A-B's board sells kingdom to InBev for $52 billion
By Jeremiah McWilliams
ST. LOUIS POST-DISPATCH
Monday, Jul. 14 2008

The board of directors of Anheuser-Busch Cos. on Sunday accepted a $52 billion
takeover offer from Belgium's InBev, putting a quick end to a monthlong
standoff between the companies. The agreement paves the way for a brewing
colossus controlling about a quarter of the world's beer market.

For St. Louis-based Anheuser-Busch, the sale will end a run of independence
that stretches back to before the Civil War. The buyout at $70 a share also
represents the biggest, boldest acquisition in the beer industry and one of the
largest purchases of a U.S. company by a foreign suitor.

"This changes everything," Morningstar analyst Ann Gilpin said. "An
InBev/Anheuser-Busch combination will be a very formidable competitor."

The companies announced the agreement in a joint statement late Sunday evening.
They said the combined company will be called Anheuser-Busch InBev, and A-B CEO
August A. Busch IV and one other current or former member of the Anheuser-Busch
board will serve on the new board. Both companies are discussing potential
candidates for the second slot.

Both companies' boards unanimously approved the deal.

"We will leverage our collective strengths to create a truly diversified,
global company to sustain long-term growth and profitability," Busch said in a
statement.

The deal must be approved by both companies' shareholders and is expected to
close by the end of the year. InBev said it had "fully committed" financing.

Bent on acquiring the biggest U.S. brewer and its collection of brands,
breweries and well-entrenched distributors, InBev sweetened its bid for
Anheuser-Busch to $70 a share after offering $65 a share on June 11. By
comparison, Anheuser-Busch's average share price for the 12 months before news
of the deal surfaced on May 23 was about $50.

The stepped-up price apparently led to negotiations late last week after
Anheuser-Busch brushed off InBev's initial offer.

"This is truly one of those win-win situations where everyone should be pleased
as punch," said Tom Pirko, president of California consulting firm Bevmark.
InBev CEO Carlos Brito "got what he wanted — took down the big prize. And
(Anheuser-Busch) shareholders got a major premium that would have been in doubt
for a long time to come."

The agreement followed about a month of resistance from Anheuser-Busch, which
blasted the initial proposal of $65 a share — equal to about $47.5 billion — as
inadequate and not the true value for the company's assets in key markets such
as the U.S., China and Mexico.

But the turning point may have been the lukewarm reception that
Anheuser-Busch's new strategic plan — ostensibly a bid to remain independent —
garnered among investors after it was announced on June 27, analysts said. The
ho-hum reception may have pushed Anheuser-Busch's board to negotiate, said bond
analyst B. Craig Hutson.

InBev argued that the deal was the next progression in a relationship that
stretches back 28 years. The companies now cooperate in South Korea, Canada and
the U.S., where Anheuser-Busch imports Stella Artois, Beck's and other InBev
brews.

The companies' paths have crossed before, under different circumstances.

Back in 1999, Anheuser-Busch had plans to make a bigger splash in Brazil and
the broader South American beer market. The company had a minority stake in
Antarctica Paulista, Brazil's No. 2 brewer, and hoped to take majority control.

But Brahma, Brazil's biggest beermaker, persuaded authorities to let it merge
with Antarctica, creating a new company called AmBev. Anheuser-Busch sold its
stake and watched as AmBev proceeded to merge with Belgian brewer Interbrew to
become InBev.

Anheuser-Busch, meanwhile, sat out on several chances to make big international
acquisitions that could have kept it on top of the global beer industry.
Endowed with a conservative management style, it generally elected to test
markets by taking partial stakes in foreign brewers.

InBev, in contrast, established a reputation as one of the beer industry's most
audacious takeover machines. Executives have coveted Anheuser-Busch's potential
for a long time — perhaps 20 years — and their ambitions go well beyond
short-term earnings potential, said Gilpin.

"They're thinking about the next 100 years," she said.

On Wednesday, Brito told the Post-Dispatch that the proposed deal with
Anheuser-Busch was a "natural step."

On Sunday, Brito, who will lead the new company, reiterated his company's main
selling point: "Together, Anheuser-Busch and InBev will be able to accomplish
much more than each can on its own," he said in a statement.

InBev's buyout of Anheuser-Busch could prove revolutionary. The combined
company will churn out about 392 million barrels of beer a year, about 60
percent more than rival SABMiller. Anheuser-Busch InBev will boast sales of
about $36.4 billion.

The new company aims to save at least $1.5 billion in costs annually by 2011.
About 40 percent of its revenues will come from the U.S., where all of
Anheuser-Busch's 12 breweries are to remain open.

Anheuser-Busch InBev also will sell noncore assets, though the assets weren't
identified. However, analysts believe that InBev will sell off A-B's theme
parks and packaging divisions.

St. Louis will be the North American headquarters of the combined companies.
Anheuser-Busch has about 6,000 local employees and a Missouri payroll of about
$518 million.

Analysts expect the deal to set off another round of buyouts and takeovers as
brewers try to keep up and compete with size never before seen in the beer
industry.

The combination will give the new company a platform to build the Budweiser
brand outside the U.S. as well as scale to wrest more clout with vendors, Brito
said during the interview last week.

"We're going to have more importance to suppliers, developers of technology,
raw materials," he said. "There are a lot of things we can do together much
better."

But the deal seemed anathema for many supporters of Anheuser-Busch in St.
Louis, who feared that InBev would prove a harsh taskmaster and wipe out
Anheuser-Busch's habit of charitable donations and generous pay and benefits.
Many residents were disinclined to believe Brito's assurances that he harbored
no hidden agenda.

Missouri's congressional delegation and St. Louis' mayor made known their
opposition to the buyout. Similar hostility popped up as far away as Newark,
N.J., where last week a sign hung on a fence near Anheuser-Busch's brewery
implored: "Keep Budweiser American."

Anheuser-Busch is "the single most influential presence in American brewing
history, period. And that's about to end," said Maureen Ogle, author of
"Ambitious Brew: The Story of American Beer." The company "has been making
significant decisions since the 1860s," she said. It leads, "and everyone else
follows."

In the aftermath of InBev's purchase, A-B's influence will diminish, Ogle said.
In the resulting disarray, it will face a struggle with MillerCoors LLC, a
joint venture of Miller Brewing Co. and Coors Brewing Co. that took effect July
1.

Indeed, A-B's value will fall, "like driving a new car off the lot," she said.

August Busch was quick to argue that Anheuser-Busch's legacy would continue.

"In the end, it is the people that make the business run, and it is those
people, and the business potential, that InBev valued when they approached us,"
he said in an e-mailed response to questions from the Post-Dispatch. "Nothing
will change the heritage that represents the foundation of this company."

Anheuser-Busch's managers plan face-to-face meetings with employees over the
next few days to discuss the deal. "The new company can only be successful if
we leverage the tremendous talent within Anheuser-Busch," wrote Busch.

It is "very important that people don't jump off bridges" in fear of what InBev
will do, said Edward Jones analyst Jack Russo.

In any case, the deal could be complicated by Mexican brewer Grupo Modelo, half
of which is owned by Anheuser-Busch. Modelo — the biggest brewer in Mexico and
the maker of Corona, Modelo Especial and 10 other brands — said it has been in
active discussions with InBev about how the two companies can work together if
Modelo consents to InBev's becoming a minority owner through its acquisition of
Anheuser-Busch.

Modelo said its agreement with Anheuser-Busch gives it a "definitive say" in
who its partner is. The brewer said it is confident that the agreement gives it
the right to decide whether or not to consent to the takeover of Anheuser-Busch
by InBev. The company said it was reserving its contractual rights.

InBev itself is making a major bet that it can make the $52 billion investment
— financed with $45 billion in debt — pay off. The wager is that Budweiser can
be turned into an even bigger global brand with a big presence in places such
as Argentina, Bolivia and the Ukraine. Plus, the deal will help InBev reduce
its reliance on Brazil and other high-growth but somewhat volatile markets.

But Brito's company is now saddled with massive debt to repay, said Pirko. Just
as the pressure was on Anheuser-Busch to sell out, Anheuser-Busch InBev and its
hard-charging CEO will have to deliver on its commitments.

"The next big adventure is to see if Brito can live up to the expectations and
expand A-B's brand internationally," said Pirko. "If this turns out to be the
next Brahma, you will see hari kari carried out under the Arch," he said,
referring to InBev's failed effort to extend the Brazilian beer Brahma
worldwide.

The U.S. beer market — of which Anheuser-Busch controlled 51 percent at the end
of March — is growing slowly but still represents the world's biggest pool of
profits for brewers.

InBev has built its business largely on relentless cost-cutting coupled with a
string of acquisitions. But InBev executives have insisted that the main appeal
of buying Anheuser-Busch was the potential increase in revenue. They have been
largely silent on the magnitude of cost cuts that Wall Street and Main Street
expect to follow.

"This is almost going to be like 'Invasion of the Body Snatchers,'" Pirko said.
"The new company is going to be very different. It's going to have a very
different culture."

Asked whether he thought Anheuser-Busch's wholesalers were as efficient as they
could be — and whether he would shake up the network of 600 beer wholesalers —
Brito demurred.

"I would change the top line," he said last week.
Old 07-14-08, 08:23 AM
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Originally Posted by B.A.
People drink it overseas. America isn't the only nation w/ hipsters who drink imports that taste like shit.
What American hipsters drink imported beer? They all drink PBR.
Old 07-14-08, 08:25 AM
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Everybody's bemoaning "the loss of an American institution" without even knowing the origin of the name Budweiser.
Old 07-14-08, 08:46 AM
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Originally Posted by Tracer Bullet
What American hipsters drink imported beer? They all drink PBR.
There are different classes of hipsters. Those that drink PBR, and those that drink shitty European brands like Heineken, Beck's, etc...
Old 07-14-08, 08:49 AM
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And Corona. That counts as an import right?
Old 07-14-08, 09:03 AM
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This reminds me of a bar I go to sometimes where my beer choices are Rolling Rock, PBR, Corona, or Heineken
Old 07-14-08, 09:03 AM
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Originally Posted by spainlinx0
And Corona. That counts as an import right?
It is most definitely still an import. Somebody has to drink it, because from what I have seen - Mexicans sure as hell don't.
Old 07-14-08, 09:46 AM
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Red Stripe and Reggae. Helping our white friends dance for over SEVENtee years!
Old 07-14-08, 10:22 AM
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The only reason I care is because I'm afraid of what this could mean to the amusement parks. I grew up and live in Williamsburg VA and have been to Busch Gardens Europe many many times. It won Most Beautiful Theme Park award for 18 straight years, involves wildlife and conservation into its themes, and is very well-run, clean, and beautiful. I'm not sure if AB Inbev will sell it, keep the names, put less effort into the theme parks, or change them some other way. AB's theme parks were extremely profitable too.
Old 07-14-08, 10:30 AM
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This thread hasn't really generated any political content, so I'm going to move it into Other. I can always move it back I suppose.
Old 07-14-08, 10:47 AM
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Originally Posted by al_bundy
maybe they will actually brew real beer
InBev are the kings of cost-cutting in brewing. They strips processes down to the core and figure out how to save fractions of a cent. If anything, they're even more "corporate" than AB.

Also, say what you want about Bud, but brewing consistent lager isn't easy. There's a reason most micros stick with ales/stouts/whatever. AB's got skilled brewers, just skilled at making mild American style beers.

doubt they think anyone outside the US will actually drink Bud
Judging by my last trip to London, it's the drink of choice for English hipsters. Idiots.
Old 07-14-08, 10:50 AM
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Old 07-14-08, 11:07 AM
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Yup, you can't argue with the product consistency. They produce so much beer and it is all pretty perfectly brewed...just not my favorite brew, but to each their own.

I think this is not a good move for the Busch Gardens Parks. In one of the articles I read they mentioned how they wouldn't mess with the beer production, but would focus on "non core" businesses that AB is involved in. This isn't the first time I've heard about Inbev and their cost cutting methods. Who knows, they could start messing with the ingredients and the process to cut costs and screw it all up.

I wonder if they will get out of boat, car, drag racer, etc racing and sports too, although that is more of an advertising thing.
Old 07-14-08, 11:55 AM
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Originally Posted by Hiro11
InBev are the kings of cost-cutting in brewing. They strips processes down to the core and figure out how to save fractions of a cent. If anything, they're even more "corporate" than AB.

Also, say what you want about Bud, but brewing consistent lager isn't easy. There's a reason most micros stick with ales/stouts/whatever. AB's got skilled brewers, just skilled at making mild American style beers.

Judging by my last trip to London, it's the drink of choice for English hipsters. Idiots.

might not be easy, but can't they put a little flavor in there?

i'm not too crazy about InBev's beers, but at least they have some flavor
Old 07-14-08, 12:05 PM
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Originally Posted by DVD Polizei
Belgian company to buy largest American brewer in $50 billion deal
http://www.msnbc.msn.com/id/25663923

PHILADELPHIA - U.S. brewer Anheuser-Busch Cos Inc agreed to a $50 billion takeover by Belgium-based InBev NV, a source familiar with the situation said Sunday, creating the world's largest beer maker.

InBev, the maker of Stella Artois, and Budweiser-brewer Anheuser were not immediately available to comment.

The combined company will be called Anheuser-Busch InBev, said the source, who agreed to speak on condition of anonymity. Anheuser will get seats on the new company's board, the source said, but it was not immediately clear how many.

Adding another dimension to any deal was Mexico's No. 1 brewer Grupo Modelo , which is 50 percent owned by Anheuser. The maker of Corona beer, which has the right to choose its partner, has not yet approved InBev for that role and the two brewers remain in talks, according to one person familiar with the situation.

Modelo declined to comment.

The deal brings an amicable resolution to a month-long saga that was becoming increasingly hostile as the two companies sued each other and InBev set the stage to try to replace Anheuser's board of directors.

InBev had proposed its own slate of nominees for the board that included Adolphus Busch IV, an uncle of the current chief executive of Anheuser-Busch.

InBev lured Anheuser to the bargaining table last week by raising its offer to $70 per share from $65 per share, a 27 percent premium over Anheuser's record-high stock price in October 2002.

Shares of InBev and Anheuser surged on Friday as news of the higher offer and the negotiations emerged. Anheuser closed up 8.6 percent at $66.50, and InBev closed up more than 7 percent.

Sources had said that the two companies and their advisers had talked in New York over the weekend, working through details such as the name for the combined company, roles for Anheuser's executives and the structure of the board. The breakup fees if the deal collapses also were discussed over the weekend, the sources said.

InBev had tried to soothe some of Anheuser's concerns last month, saying it would keep Anheuser's St. Louis home as the headquarters for the North American region. Anheuser's main Budweiser beer would also become the new company's "flagship brand."

Last week, the director of the Brewery and Soft Drink Workers Conference of the International Brotherhood of Teamsters asked to meet with InBev Chairman Peter Harf and InBev Chief Executive Carlos Brito, according to a letter posted on the union's Web site http://www.budwatch.com.

Led by Chief Executive Carlos Brito, InBev is known for ruthless cost-cutting.

The union, which represents workers at all 12 of Anheuser's U.S. breweries, asked for the meeting to discuss the initial offer so it could "fulfill our responsibilities to advise and protect our members."

It was unclear if InBev and the union met.

A takeover of iconic U.S. company Anheuser has sparked an outcry from some politicians, including Democratic presidential candidate Barack Obama.

Any deal with Anheuser is complicated by its relationship with Mexico's No. 1 brewer, Grupo Modelo, which makes Corona. Modelo, already 50 percent owned by Anheuser, has the right to choose its partner and therefore has a role in discussions of any acquisition of Anheuser-Busch. Modelo could not be reached for comment.

Analysts have said that Modelo is likely to embrace InBev's bid for Anheuser and hopes the Belgian brewer proves to be a more dynamic and innovative partner than the biggest U.S. brewer.

Anheuser also owns 27 percent of China's Tsingtao Brewery Co Ltd.

While Anheuser controls nearly half the U.S. market with brands like Budweiser, Bud Light and Michelob, InBev has strong positions in Western Europe and Latin America and is growing in Eastern Europe and Asia.

InBev, which was formed by the 2004 merger of Belgium's Interbrew with Brazil's AmBev, is based in Belgium and run by a mostly-Brazilian management team.

----

'Tis a shame.


It is? Why?
Old 07-14-08, 01:30 PM
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Anyone got a complete list of all 300 some beers so we can start the boycott?
Old 07-14-08, 01:33 PM
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Its a shame that another old American company that has been around for over 100 years is being bought out by a foreign company.

Unreal.
Old 07-14-08, 02:16 PM
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A-B got behind the powercurve by not expanding overseas, and now they can't beat InBev. Good thing for them InBev wants greater exposure to the US market

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