Less Ads, More Data, More Tools Register for FREE

Pin to quick picksADN.L Share News (ADN)

  • There is currently no data for ADN

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-AB InBev and SABMiller expect megabrew merger to complete Oct. 10

Mon, 01st Aug 2016 18:30

* UK court hearing on voting system Aug. 22

* Deal completion expected Oct. 10, trading on Oct. 11 (Adds detail on timetable)

BRUSSELS, Aug 1 (Reuters) - Anheuser-Busch InBev and SABMiller, the world's two largest brewers, set outa timetable on Monday for the final stages of their $100billion-plus merger, with completion of the deal expected in alittle more than two months.

SABMiller's board agreed last week to an improved 79 billionpound ($104.3 billion) offer from AB InBev, which said it wouldnow publish the takeover terms on Tuesday.

A key step in the process is an Aug. 22 British courthearing to assess SABMiller's proposal that its shareholdersshould be divided into two classes, with each needing to approvethe terms.

AB InBev has put forward two variations of its offer: astraight 45 pounds per share intended for the majority ofinvestors and a cash-and-shares offer aimed at SABMiller's twolargest shareholders, Altria and the Santo Domingo familyof Colombia. The two own 41 percent of SABMiller.

The combination is contentious because the cash-and-shareoffer is now worth more than the cash bid, though the new shareswould have to be held for five years.

By splitting the vote, the deal would need backing from upto 85 percent of the shares rather than the 75 percent needed ina unified vote. Altria and Bevco, the Santo Domingo investmentvehicle, have already signalled their support.

AB InBev and SABMiller shareholder meetings are scheduledfor Sept. 28, with completion of the deal expected on Oct. 10and trading of the yet to be named combined group slated forOct. 11.

The timetable comes after a hectic Friday in which Chinafirst gave conditional approval for the merger. The SABMiller board also recommended acceptance, though it did say the dealwas at the lower end of an acceptable range.

The deal, the largest ever in the consumer industry, wouldcombine AB InBev's Budweiser, Stella Artois and Corona withSABMiller's Castle Lager and take it into fast-growing Africanand new Latin American markets.($1 = 0.7575 pounds)

(Reporting by Philip Blenkinsop in Brussels and Pranav Kiran inBengaluru; Editing by Don Sebastian and David Goodman)

More News
9 Feb 2017 19:26

U.S. investors more willing to place wagers on uncertain Europe

By Trevor Hunnicutt NEW YORK, Feb 9 (Reuters) - A spate of elections this year that threaten to change Europe's course and rattle the continent's largest political bloc and currency is normally the sort of uncertainty that scares away international investors. Instead, deep-pocketed in

Read more
9 Feb 2017 14:31

South Africa's Group Five to increase stake in Hungarian road concession firm

JOHANNESBURG, Feb 9 (Reuters) - South African construction firm Group Five will buy a further 10 percent stake in Hungarian road concession company Mecsek for 125.16 million rand ($9 million), it said on Thursday, seeking to source and participate in further global concessions. Group Five w

Read more
8 Feb 2017 11:50

Wednesday broker round-up

(ShareCast News) - RBS: Deutsche Bank upgrades to hold with a target price of 220p. DCC: JP Morgan reiterates overweight, 8160p target. Rolls Royce: JP Morgan reiterates neutral with a 740p target. Ascential: Deutsche Bank stays at buy with a 300p target. Aberdeen Asset Management: RBC upgrades t

Read more
8 Feb 2017 09:26

Aberdeen Asset Management boosted by RBC Capital upgrade

(ShareCast News) - RBC Capital Markets has upgraded Aberdeen Asset Management to 'sector perform' from 'underperform' but trimmed the target price to 285p from 290p. The bank said the risk in the near term is to the upside based upon an oversold share price, a reasonable valuation, a high dividend y

Read more
2 Feb 2017 17:08

Britain's FTSE sees M&A, commodities-related boost

* FTSE 100 up 0.5 pct at close * Reckitt Benckiser takeover news buoys stock * Aberdeen fund manager sinks on further outflows (Recasts, adds detail, updates prices at close) By Kit Rees and Helen Reid LONDON, Feb 2 (Reuters) - Britain's blue-chip FTSE 100 index rose on

Read more
2 Feb 2017 16:07

UK Dividends Calendar - Next 7 Days

Read more
2 Feb 2017 14:31

FTSE 250 movers: Gold miners shine; Wizz Air flies lower

(ShareCast News) - The FTSE 250 index rose 0.13% to 18,264.17 in the late afternoon. Financial services firm JRP Group was in the green as it reported that its margin for 2016 will exceed 6%, up from 3.6% on a pro-forma basis from the previous year, due to pricing and risk selection, as well as on m

Read more
2 Feb 2017 10:20

Britain's FTSE flat as sterling strength outweighs M&A and strong miners

(ADVISORY - Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) * FTSE 100 down 0.1 percent * Reckitt Benckiser takeover news buoys stock * Aberdeen fund manager sinks on further outflows <

Read more
2 Feb 2017 09:56

European shares down on poor earnings, Deutsche Bank suffers

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon - see cpurl://apps.cp./cms/?pageId=livemarkets) * STOXX 600 index falls 0.2 percent * Deutsche Bank and Kesko among top fallers * Nokian features among biggest gainers By

Read more
2 Feb 2017 08:57

BUZZ-Aberdeen: Hits 7-mth low after hit by fresh outflows

** Aberdeen Asset Management's falls 4 pct, by far and away worst performer on Stoxx 600 financial services subsector ** Q1 net outflows £10.5 bln, total assets under management fall to £302.7 bln ** Further £2.4 bln scheduled to be withdrawn from lower-margin portfolios this quart

Read more
2 Feb 2017 08:32

UPDATE 2-Aberdeen hit by Q1 quarterly outflows, says more to come

* Assets fall to 302.7 bln stg; outflows 10.5 bln stg * Sees outflows of 2.4 bln stg in the current quarter * Shares down 4.5 pct, among top fallers in midcap index (Adds detail from statement, CEO quote, analyst quote, share price) By Simon Jessop LONDON, Feb 2 (Reuters

Read more
2 Feb 2017 08:21

Aberdeen endures first-quarter outflows as Trump spooks EM investors

(ShareCast News) - Donald Trump's election win derailed a solid start to Aberdeen Asset Management's financial year, leading to £10.5bn of outflows from its emerging markets-focused funds as investors moved into less volatile assets. Offset somewhat by £3.3bn improvement in market performance and

Read more
26 Jan 2017 12:57

Aberdeen says backs Imperial Brands decision to ditch pay policy plan

LONDON, Jan 26 (Reuters) - British fund firm Aberdeen Asset Management said on Thursday it welcomed a decision by Imperial Brands to ditch a proposal to change pay plans for its directors at the firm's impending annual meeting. Imperial's announcement earlier on Thursday that it would not p

Read more
12 Jan 2017 09:03

BUZZ-Jupiter: worst day since Brexit vote after Q4 outflows

** Jupiter Fund Management falls 5 pct after reporting Q4 outflows of £373 mln ** Outflows primarily from European and multi-manager funds ** Liberum says results "disappointing" - AUM of £40.5 bln 2 pct below its forecast of £41.5 bln ** Top faller on Stoxx 600 and among mos

Read more
23 Dec 2016 08:59

Equity, Macro hedge funds look to bounce back from a tough year

* Developed market equity, macroeconomic trend funds lag * Commodity, emerging markets, U.S. stocks lead the gainers * Trump, central bank policy to create opportunities in 2017 By Simon Jessop, Maiya Keidan and Lawrence Delevingne LONDON/NEW YORK, Dec 23 (Reuters) - For s

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.