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South Africa’s PIC in talks with SABMiller over improved offer by AB Inbev

27 July 2016 Comments (0) Africa, Business, Latest Updates from Reuters

JOHANNESBURG (Reuters) – South Africa’s Public Investment Corporation (PIC) is in talks with SABMiller over an improved offer from Anheuser-Busch Inbev, the state pension fund said on Wednesday.

“We are in discussions with SABMiller on the offer price and would not like to make our view public at this point in time,” PIC Head of Corporate Affairs Deon Botha said in response to emailed questions.

The PIC is SABMiller’s fourth largest shareholder.

AB InBev raised its $100 billion-plus bid for rival brewer SABMiller on Tuesday in an attempt to quash investor dissent over an offer made less attractive by a post Brexit vote fall in the pound.

 

(Reporting by TJ Strydom; Editing by James Macharia)

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SABMiller sales hurt by economic volatility in Africa

21 July 2016 Comments (0) Africa, Business, Latest Updates from Reuters

LONDON (Reuters) – Brewer SABMiller, in the process of being bought by Anheuser-Busch InBev, reported lower quarterly revenue on Thursday, hurt by tough conditions in some African markets.

The maker of beers such as Castle Lager, Peroni and Grolsch said group net revenue fell 4 percent in its first quarter, ended June 30, with volume flat.

Excluding the impact of acquisitions, disposals and currency fluctuations, revenue rose 2 percent as gains in Europe, South Africa and Latin America offset more challenging conditions in other African markets, where volume was hurt by economic volatility and tough conditions.

In its trading statement on Thursday, which comes ahead of its annual general meeting, SABMiller did not mention its pending $107 billion takeover by Anheuser-Busch InBev, which received approval by the United States on Wednesday.

The takeover of the London-listed brewer has come under scrutiny in recent weeks as a drop in the British currency has reduced the relative attractiveness of the all-cash offer aimed at most SAB shareholders.

Two activist hedge funds, TCI and Elliott Advisors, have taken small stakes in the brewer, raising the possibility that shareholders may push to try to get improved terms.

 

(Reporting by Martinne Geller; Editing by Mark Potter)

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