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I. Summary of the companies.

a. Companies
- SABMiller: (South African Breweries - Miller) was a British-South African
company that emerged from the merger of South African Breweries,
Miller Brewing in 2002 and Bavaria S.A. in 2005. It was the second largest
brewer by volume in the world after InBev.
The company dominated the markets of Africa, North America, Eastern
Europe and South America. It also acquired part of Industrias La
Constancia of El Salvador, the Cervercería Hondureña in Honduras, the
Dutch brewery Royal Grolsch and CASA (Cerveceria Argentina Sociedad
Anónima)

- AB InBev: Is a Brazilian – Belgian transnational beverage and brewing


company with global headquarters in Leuven, Belgium. The original AB
InBev was formed through successive mergers of three international
brewing groups completed in 2008: Interbrew from
Belgium, AmBev from Brazil, and Anheuser-Busch from the United
States. In October 2015, Anheuser-Busch InBev announced a successful
all-cash bid to acquire multinational competitor SABMiller for £69 billion
(US $107 billion), with this acquisition the estimated annual sales for the
company in 2017 will be US$55 billion; prior to the merger, ABInBev had
realized US$45.5 billion in revenue in 2016.[1] The company is expected
to have an estimated global market share of 28 percent, according to
Euromonitor International.
Since 10 October 2016, SABMiller has been a business division of Anheuser-
Busch InBev SA/NV

b. Why is interesting: grafica 1,2, 4


In October of 2015, the British-South African brewer SABMiller accepted the
offer to buy of the number one company in the sector, Anheuser-Busch InBev.
The final offer of AB In bev was made on November for a total amount on 107
million dollars. With this, the SABMiller-AB InBev merger becomes the fourth
largest in the world, due to the amount of the operation.
With this operation, the company formed by AB InBev and SABMiller controls
about a third of the global beer market. That is, it sells one out of every three
beers in the world, which means more pressure for the third largest company in
the sector, Heineken. In 2014, the participation of AB InBev was 20% and
SABMiller was 9.7%, with which the new company have 30.5% of the total
production.
The merger allowed the companies to be present in markets in which they do
not have an interest, as in the case of AB InBev, which allowed it to open up in
Africa and south America (Chart 4), as well as to strengthen itself in those where
they already have a presence, reaching the first or second position in 24 of the
30 largest beer markets in the world.

II. Acquisition
a. Stock: NEWBWLCO, is the new ticket that the AB Inveb will take after the
adquisiton of SAB Miller. In the graph we can see that the stock fall around
10 percent, this is because the dilution that was generated for the acquisition
of SAB Miller, with some percentage of stock. This stock is traded in London
stock exchange. small SABMiller shareholders challenged the value of the
cash they’d receive in exchange for their shares, causing AB InBev to raise its
offer to reflect the fallen post-Brexit pound

b. NOW DAYS: Because the merger combines the world’s two leading beer
companies, shareholders had to agree with courts around the world to spin
off many popular beer brands before proceeding. In the U.S., SABMiller sold
its 50% voting interest and 58% economic interest in MillerCoors to Molson
Coors, its partner in the joint venture, for around $12 billion. In China, AB
InBev sold SABMiller’s 49% in its joint venture called CR Snow, with China
Resources Enterprise, which has a leading >20% volume share in the
country’s beer market, for $1.6 billion. And in Europe, AB InBev sold certain
of SABMiller’s premium European brands including the Peroni and Grolsch
brands, and related businesses, to the Asahi Group for ~$2.9 billion, and then
agreed to sell a group of SABMiller’s Central and Eastern European brands
for around $7.8 billion to the Asahi Group. Though the merged company will
divest itself of many brands in order to comply with anti-trust laws, the deal
brings AB InBev a much larger presence in developing countries and
continents like China, South America and Africa, where SABMiller enjoys
much stronger holdings and access to markets.

There is already have a case of antitrust in Europe. AB InBev is dominant on


the Belgian beer market. It alleges that AB InBev has abused this dominant
market position by pursuing a deliberate strategy to prevent supermarkets and
wholesalers from buying Jupiler and Leffe at lower prices in the Netherlands and
France, and from importing them into Belgium.
With organic beer growth hard to come by, especially in developed markets
where the beer segment is mature, the combination with SABMiller will help
augment AB InBev’s volumes, especially given that the former has now given
AB InBev access to Africa, an emerging market for beer
Forbes reports of recent and growing speculations that AB InBev could make
Coca-Cola its next takeover target.
What was the deal and how did it take place?
On 13 October 2015, Anheuser-Busch InBev made a bid of £70 billion, (US $107 billion
when the deal closed), or £44 per share, for its largest rival, SABMiller, which if approved
would give the company a third of the global market share for beer sales and a half of the
global profit. The company had previously offered £38, £40, £42.15, £43.50 per share
respectively, but each of these had been turned down.
SABMiller accepted the bid in principle, but consummation of the deal
required antitrust approval by regulatory agencies.[33] In 2015, the U.S. Department of
Justice (DOJ) had agreed to the deal only on the basis that SABMiller "spins off all its
MillerCoors holdings in the U.S. — which include both Miller- and Coors-held brands —
along with its Miller brands outside the U.S." The entire ownership situation was
complicated: "In the United States, Coors is majority owned by MillerCoors (a subsidiary of
SABMiller) and minority owned by Molson Coors, though internationally it’s entirely
owned by Molson Coors, and Miller is owned by SABMiller."
Shareholders Response:
SABMiller shareholders voted overwhelmingly in favour of the £70bn offer from Anheuser-
Busch InBev, paving the way for the Belgian brewer to clinch the third-largest merger in
corporate history after a year-long pursuit. A vote resulted in 95.5 per cent of SAB
shareholders accepting the larger brewer’s £44-a-share cash offer and approving the UK’s
biggest corporate deal. Megabrew, as the merger had been dubbed, combined the world’s
two largest brewers in an industry that had heavily consolidated over the past decade and
faced challenges from the growth of craft beer. The takeover resulted in AB InBev, whose
brands include Budweiser, Stella Artois, Beck’s and Corona, selling one in four beers around
the world and reaping 45 per cent of the industry’s profits. It also marked the end of the
former South African Breweries’ 120-year history as an independent company, instead
giving AB InBev coveted access to fast-growing beer markets in Africa, where it barely had
a presence and in those parts of Latin America where it was not already dominant. The
acquisition was widley regarded as the most ambitious in a series of audacious takeovers
spearheaded by Jorge Paulo Lemann, the Brazilian billionaire who is AB InBev’s single largest
individual shareholder