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Beer mega merger: what court ruling means for troubled deal

24 August 2025

A British court has recommended that two classes of shareholders be created and vote separately on AB InBev's 79 billion pound ($104 billion) takeover of SABMiller. There is, however, a partial shares alternative offering a proportion of restricted shares in the bidder on offer to SABMiller's two biggest investors, with 41 per cent of the company between them.

AB InBev sweetened its bid by one pound a share after the complaints, but smaller shareholders say it isn't enough.

SAB requested that those two shareholders - cigarette maker Altria Group and Bevco, a vehicle of Colombia's Santo Domingo family - be treated as a separate class.

A statement issued by Aberdeen Asset Management in July said: " We strongly welcome the board's decision that Altria and Bevco should be treated as a separate class of shareholder.

Prominent investor Aberdeen Asset Management (ADN.L) had voiced opposition to the revised offer, saying it still undervalued the brewer of beers including Castle Lager, which has a strong presence in fast-growing markets of Latin America and Africa.

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The shareholder vote requires 75% approval from shareholders.

AB InBev, the maker of Budweiser, Corona, and Stella Artois, is trying to buy SABMiller in a massive deal that would merge the world's two largest beer makers. AB InBev rose 1 percent to 112 euros. "This acknowledges the reality of the situation and will help to ensure that the views of the rest of the investor base have due weight".

"We would welcome other investors who value good corporate governance and recognise the superior value from continuing to hold SABMiller as a standalone entity voting in a similar fashion", Aberdeen said.

The vote is scheduled for September 28, and the deal is expected to close October 10.

But analysts expect the deal to win majority support, pointing out that InBev has said the current offer is final and it will walk away if it doesn't win support.