DOCSLIB.ORG

Coca-Cola and Sabmiller to Join Their Forces in the African Market

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Coca-Cola and Sabmiller to Join Their Forces in the African Market Coca-Cola and SABMiller to join their forces in the African market The Coca-Cola Company; market cap (as of 28/11/2014): $194.0bn SABMiller plc; market cap (as of 27/11/2014) £57.17bn Introduction SABMiller, the world's second biggest brewer by revenue has agreed to a merge with one of Coca-Cola’s bottler, Coca-Cola Sabco, to combine bottling operations in Southern and east Africa and form a new company, Coca-Cola Beverages Africa, which, based in Port Elizabeth (South Africa), will become the biggest bottler of the soft drink in Africa and the 10th largest in the world, with annual revenue of $2.9bn and 14,000 employees in more than 30 plants. About Coca-Cola The Coca-Cola Company is the world's largest beverage company delivering its products in over 200 different countries worldwide employing more than 130,000 people. Founded in 1892 and based in Atlanta, the Company owns or licenses and markets more than 500 non-alcoholic brands, for a total value of $64.7bn (Eurobrand). Despite $46.25bn revenues and a worldwide 4% five years CAGR, Coca-Cola is in the middle of a cost-cutting operation aimed at countering falling soda sales in many of its key markets, especially North America. In order to diversify its revenues base the Company is seeking a bottling partner to strengthen its position in another key market, namely Africa. Going in this direction, the merge of the firm’s subsidiary Coca-Cola Sabco, owned for 80% by Gutsche Family, with the world’s second biggest brewer, SABMiller, will create a new business, Coca-Cola Beverages Africa. Coca-Cola Beverages Africa can leverage the scale, resources, capability and efficiency needed to accelerate Coca-Cola growth and contribute to the economic and social prosperity of African communities” - said Muhtar Kent, Chairman and CEO of The Coca-Cola Company. About SABMiller SABMiller is a South African multinational brewing and beverage company with headquarters in London, United Kingdom. It operates in 80 countries around the world and among its brands includes Fosters, Grolsch, Miller Brewing Company, Peroni, NastroAzzurro and Pilsner Urquell. SABMiller is already one of the major bottlers of Coca- Cola, with established businesses in various African countries: Botswana, Comoros, Ethiopia, Kenya, Mayotte, Swaziland, Uganda and Zambia. The collaboration will allow SABMiller to strengthen its presence in Africa. Despite being one of the most promising long-term markets due to its favorable demographics and fast growing economies, the African market has a stagnant beer demand, while soft drinks request is still increasing. If we consider that soft drinks’ plants requires less capital investments than those of beer, while having a profit margin of 19% it is easy to understand why SABMiller is more than willing to undertake this project. Behind the Deal The deal represents a move towards greater convergence between brewers and soft drinks companies since the hopes for mega-mergers in the brewing industry are slowly disappearing, as testified by SABMiller’s failure to take over Heineken in September (http://www.bsic.it/heineken-says-next-beer/). The main reason of the merge seems other than creating synergies, since beer and soft drinks activities will be run separately. “We are not going to be looking for strong synergies, particularly in sales and distribution. And probably even manufacturing.” said Mr. Clark, SABMiller chief executive. The deal is a strategic choice. Both the companies want to consolidate their businesses in Africa. In addition, Coca-Cola prefers minority stakes in bottling and distribution assets, focusing on selling soda concentrate, which has higher profit margins and requires lower capital expenditures. On the other hand, SABMiller is trying to have more exposure on the soft drinks sector, which represent 21% of its business and will rise to 26% after the merger, because of its high-expected growth. The deal is going to be comprised in two phases. Coca-Cola Beverages Africa will initially produce and distribute Coca-Cola beverages in nine countries including South Africa, Kenya and Namibia. Later on, SABMiller intends to include its Swaziland soft drinks business and those of its listed subsidiaries in Botswana and Zambia, though this step will depend on the approval from shareholders and regulators. As a part of the transaction, there will be a side deal for Coca-Cola. The company will buy SABMiller’s “Appetiser” soft drinks brand. It will also acquire other 19 non-alcoholic drinks owned by SABMiller in Africa and Latin America, for around $260m in cash while the rest of the deal is entirely equity. Coca-Cola Beverages Africa will be 57% owned by SABMiller, 31.7% owned by Gutsche Family Investments, the majority shareholder in Coca-Cola Sabco, and 11.3 percent by Coca-Cola. SABMiller was advised by Rothschild, while Coca-Cola was advised by Nomura and NLA. Tags: Coca-Cola, Coca-Cola Beverages Africa, Coca-Cola Sabco, Gutsche Family, SABMiller, Merge, Africa, Rothschild, Nomura, NLA. All the views expressed are opinions of Bocconi Students Investment Club members and can in no way be associated with Bocconi University. All the financial recommendations offered are for educational purposes only. Bocconi Students Investment Club declines any responsibility for eventual losses you may incur implementing all or part of the ideas contained in this website. The Bocconi Students Investment Club is not authorised to give investment advice. Information, opinions and estimates contained in this report reflect a judgment at its original date of publication by Bocconi Students Investment Club and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. Bocconi Students Investment Club does not receive compensation and has no business relationship with any mentioned company. Copyright © Nov-14 BSIC | Bocconi Students Investment Club .
Load more

Recommended publications
  • US V. Anheuser-Busch Inbev SA/NV and Sabmiller
    Case 1:16-cv-01483 Document 2-2 Filed 07/20/16 Page 1 of 38 UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA UNITED STATES OF AMERICA, Plaintiff, Civil Action No. v. ANHEUSER-BUSCH InBEV SA/NV, and SABMILLER plc, Defendants. PROPOSED FINAL JUDGMENT WHEREAS, Plaintiff, United States of America (“United States”) filed its Complaint on July 20, 2016, the United States and Defendants, by their respective attorneys, have consented to entry of this Final Judgment without trial or adjudication of any issue of fact or law, and without this Final Judgment constituting any evidence against or admission by any party regarding any issue of fact or law; AND WHEREAS, Defendants agree to be bound by the provisions of the Final Judgment pending its approval by the Court; AND WHEREAS, the essence of this Final Judgment is the prompt divestiture of certain rights and assets to assure that competition is not substantially lessened; AND WHEREAS, this Final Judgment requires Defendant ABI to make certain divestitures for the purpose of remedying the loss of competition alleged in the Complaint; Case 1:16-cv-01483 Document 2-2 Filed 07/20/16 Page 2 of 38 AND WHEREAS, Plaintiff requires Defendants to agree to undertake certain actions and refrain from certain conduct for the purposes of remedying the loss of competition alleged in the Complaint; AND WHEREAS, Defendants have represented to the United States that the divestitures required below can (after the Completion of the Transaction) and will be made, and that the actions and conduct restrictions can and will be undertaken, and that Defendants will later raise no claim of hardship or difficulty as grounds for asking the Court to modify any of the provisions contained below; NOW THEREFORE, before any testimony is taken, without trial or adjudication of any issue of fact or law, and upon consent of the parties, it is ORDERED, ADJUDGED, AND DECREED: I.
    [Show full text]
  • Sabmiller and Molson Coors to Combine U.S. Operations in Joint Venture
    SABMILLER AND MOLSON COORS TO COMBINE U.S. OPERATIONS IN JOINT VENTURE • Combination of complementary assets will create a stronger, more competitive U.S. brewer with an enhanced brand portfolio • Greater scale and resources will allow additional investment in brands, product innovation and sales execution • Consumers and retailers will benefit from greater choice and access to brands • Distributors will benefit from a superior core brand portfolio, simplified systems, lower operating costs and improved chain account programs • $500 million of annual cost synergies will enhance financial performance • SABMiller and Molson Coors with 50%/50% voting interest and 58%/42% economic interest 9 October 2007 (London and Denver) -- SABMiller plc (SAB.L) and Molson Coors Brewing Company (NYSE: TAP; TSX) today announced that they have signed a letter of intent to combine the U.S. and Puerto Rico operations of their respective subsidiaries, Miller and Coors, in a joint venture to create a stronger, brand-led U.S. brewer with the scale, resources and distribution platform to compete more effectively in the increasingly competitive U.S. marketplace. The new company, which will be called MillerCoors, will have annual pro forma combined beer sales of 69 million U.S. barrels (81 million hectoliters) and net revenues of approximately $6.6 billion. Pro forma combined EBITDA will be approximately $842 million1. SABMiller and Molson Coors expect the transaction to generate approximately $500 million in annual cost synergies to be delivered in full by the third full financial year of combined operations. The transaction is expected to be earnings accretive to both companies in the second full financial year of combined operations.
    [Show full text]
  • Sabmiller Plc Annual Report 2011 Welcome To
    SABMiller plc Annual Report 2011 Welcome to the SABMiller plc Annual Report 2011. Overview This interactive PDF allows you to access information easily, search for a specific item or go directly to another page, section or website. Guide to buttons Business review Go to main Go to Search Print contents page Definitions this PDF options Return to Go to Go to last page preceding next page Governance visited page Links in this PDF Words and numbers that are underlined are dynamic links – clicking on them will take you to further information within the document or to a web page (opens in a new window). Financial statements Tabs Clicking on one of the tabs at the side of the page takes you to the start of that section. Shareholder information SABMiller plc Annual Report 2011 Building locally, winning globally SABMiller plc Annual Report 2011 Contents What’s inside Overview 1 Performance highlights Overview 2 Five minute read 4 Group at a glance Financial and operational highlights of the year, an overview of the group and a description of our business activities Business review 6 Chairman’s statement 22 Operations review Business review 10 Global beer market trends 22 Latin America 11 SABMiller’s market positions 24 Europe Statements from our Chairman 13 Chief Executive’s review 26 North America and executive directors, an 18 Strategic priorities 28 Africa overview of our markets, 19 Key performance indicators 30 Asia strategy, our business model, 20 Principal risks 32 South Africa: Beverages the way we manage risk, how 34 South Africa: Hotels
    [Show full text]
  • Sabmiller Plc U.S.$5,000,000,000
    Proof3:8.7.09 PROSPECTUS DATED 9 July 2009 SABMiller plc (incorporated with limited liability in England and Wales) (Registered Number 3258416) U.S.$5,000,000,000 Euro Medium Term Note Programme Under the Euro Medium Term Note Programme described in this Prospectus (the ‘‘Programme’’), SABMiller plc (the ‘‘Issuer’’ or ‘‘SABMiller’’), subject to compliance with all relevant laws, regulations and directives, may from time to time issue Euro Medium Term Notes (the ‘‘Notes’’). The aggregate nominal amount of Notes outstanding will not at any time exceed U.S.$5,000,000,000 (or the equivalent in other currencies). Application has been made to the Financial Services Authority in its capacity as competent authority under the Financial Services and Markets Act 2000 (‘‘FSMA’’) (the ‘‘UK Listing Authority’’) for Notes issued under the Programme for the period of 12 months from the date of this Prospectus to be admitted to the official list of the UK Listing Authority (the ‘‘Official List’’) and to the London Stock Exchange plc (the ‘‘London Stock Exchange’’) for such Notes to be admitted to trading on the London Stock Exchange’s Regulated Market (the ‘‘Market’’). References in this Prospectus to Notes being ‘‘listed’’ (and all related references) shall mean that such Notes have been admitted to the Official List and have been admitted to trading on the Market. The Market is a regulated market for the purposes of the Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments. However, unlisted Notes may be issued pursuant to the Programme.
    [Show full text]
  • Sabmiller Plc Anheuser-Busch Inbev SA/NV
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. PART II OF THIS DOCUMENT COMPRISES AN EXPLANATORY STATEMENT IN COMPLIANCE WITH SECTION 897 OF THE COMPANIES ACT 2006. THIS DOCUMENT RELATES TO A TRANSACTION WHICH, IF IMPLEMENTED, WILL RESULT IN THE CANCELLATION OF THE LISTINGS OF SABMILLER SHARES ON THE OFFICIAL LIST OF THE LONDON STOCK EXCHANGE AND THE MAIN BOARD OF THE JOHANNESBURG STOCK EXCHANGE, AND OF TRADING OF SABMILLER SHARES ON THE LONDON STOCK EXCHANGE’S MAIN MARKET FOR LISTED SECURITIES AND ON THE MAIN BOARD OF THE JOHANNESBURG STOCK EXCHANGE. THE SECURITIES PROPOSED TO BE ISSUED PURSUANT TO THE UK SCHEME WILL NOT BE REGISTERED WITH THE SEC UNDER THE US SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE APPROVAL OF THE HIGH COURT OF JUSTICE IN ENGLAND AND WALES PROVIDES THE BASIS FOR THE SECURITIES TO BE ISSUED WITHOUT REGISTRATION UNDER THE US SECURITIES ACT, IN RELIANCE ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE US SECURITIES ACT PROVIDED BY SECTION 3(a)(10). If you are in any doubt as to the action you should take, you are recommended to seek your own independent advice as soon as possible from your stockbroker, bank, solicitor, accountant, fund manager or other appropriate independent professional adviser who, if you are taking advice in the United Kingdom, is appropriately authorised to provide such advice under the United Kingdom Financial Services and Markets Act 2000 (as amended), or from another appropriately authorised independent financial adviser if you are in a territory outside the United Kingdom.
    [Show full text]
  • Sen. Mike Lee Holds a Hearing on the Ab Inbev/Sabmiller Merger
    Page 1 1 of 1 DOCUMENT Political Transcript Wire December 9, 2015 Wednesday SEN. MIKE LEE HOLDS A HEARING ON THE AB INBEV/SABMILLER MERGER LENGTH: 18629 words SENATE COMMITTEE ON THE JUDICIARY, SUBCOMMITTEE ON ANTITRUST, COMPETITION POLICY AND CONSUMER RIGHTS HOLDS A HEARING ON THE AB INBEV/SABMILLER MERGER DECEMBER 8, 2015 SPEAKERS: SEN. MIKE LEE, R-UTAH CHAIRMAN SEN. CHARLES E. GRASSLEY, R-IOWA SEN. ORRIN G. HATCH, R-UTAH SEN. DAVID PERDUE, R-GA. SEN. THOM TILLIS, R-N.C. SEN. AMY KLOBUCHAR, D-MINN. RANKING MEMBER SEN. AL FRANKEN, D-MINN. SEN. RICHARD BLUMENTHAL, D-CONN. SEN. CHRIS COONS, D-DEL. SEN. PATRICK J. LEAHY, D-VT. EX OFFICIO WITNESSES: CARLOS BRITO, CEO, ANHEUSER-BUSCH INBEV, GREENWICH, CONN. BOB PEASE, CEO, BREWERS ASSOCIATION, BOULDER, COLO. CRAIG PURSER, PRESIDENT AND CEO, NATIONAL BEER WHOLESALERS ASSOCIATION, ALEXAN- DRIA, VA. J. WILSON, MINISTER OF IOWA BEER IN THE IOWA BREWERS GUILD, PRESCOTT, IOWA. DIANA MOSS, PRESIDENT, AMERICAN ANTITRUST INSTITUTE, BOULDER, COLO. MARK HUNTER, PRESIDENT AND CEO, MOLSON COORS, DENVER, COLO. [*] LEE: Welcome to this hearing of the Subcommittee on Antitrust, Competition Policy and Consumer Rights. And title what we've chosen for this hearing, is ensuring competition remains on tap, the AB In- Bev/SABMiller Merger and the state of competition in the beer industry. Before we start, I'd like to thank ranking member Klobuchar and to thank her staff for their attention to this issue and their assistance in preparing for today's hearing. I'd also like to thank the Chairman of the full committee, Senator Grassley for supporting this hear.
    [Show full text]
  • The Coca-Cola Beverages Africa Merger Parties and the South African Government Reach Agreement on Public Interest Conditions
    SABMiller plc JSEALPHA CODE: SAB ISSUER CODE: SOSAB ISIN CODE: GB0004835483 The Coca-Cola Beverages Africa Merger Parties and the South African Government Reach Agreement on Public Interest Conditions for Merger 4 May 2016 – A comprehensive set of commitments have been agreed between the Coca-Cola Beverages Africa (CCBA) merger parties – SABMiller plc, The Coca-Cola Company and Gutsche Family Investments – and the South African Government, that will be recommended to the Competition Tribunal in connection with the proposed creation of Africa’s largest soft-drink beverage bottling operation. The commitments address concerns regarding employment, access to retail cooler space for smaller competitors, localisation of production and inputs used in the production of Coca-Cola products and Appletiser brands, economic empowerment and the location of the headquarters. The merger parties undertook to ensure that the merged entity maintains its total permanent employment at current levels for a period of three years from the date of approval of the deal; that employees in the bargaining unit will not be subjected to involuntary retrenchment as a result of the merger and that retrenchments of senior management staff be limited. The company agreed to invest R800 million to support enterprise development for two groups of entrepreneurs: - Creation of a R400 million fund for enterprise development in the agriculture value chain, particularly to support and train historically disadvantaged developing farmers and small suppliers of inputs to Appletiser and CCBSA products on a competitive and sustainable basis; and - R400 million incremental investment to develop downstream distribution and retail capabilities with associated skills development and training.
    [Show full text]
  • Sabmiller: the Battle for Latin America
    SABMiller: The battle for Latin America Abstract SABMiller plc., which was started in 1895, is a South African based brewery giant. Since then it has expanded from its original South African base into a global company with operations in Africa, Asia, Australia, Europe, Latin America and North America. Today, it is multinational company and its headquarters are in London. The company marketed over 200 brands across 75 countries and it was the world's second-largest brewing company measured by revenues and was also a major bottler of Coca-Cola. Through their “Building locally, winning globally” philosophy, they have made their presence felt in both developed markets and emerging economies such as Latin America, Africa, China and India. The Latin America segment covered SABMiller’s primary brewing and beverage operations in Colombia, Ecuador, El Salvador, Honduras, Panama and Peru. In each country SABMiller was the leader of the market. The segment also bottled soft drinks for The Coca-Cola Company in El Salvador and Honduras, and for PepsiCo International in Panama. In Latin America, the company operated 17 breweries and 15 bottling plants. However, the global competition for Latin America was aggressive, there were other three multinationals trying to compete actively and conquer new territories globally. The Belgium-based Anheuser-Busch InBev, Dutch brewer Heineken, and Denmark’s Carlsberg, the four of them, including SABMiller, they brewed more than 50 per cent of the world’s beer and three of them were having a battle for the countries of Latin America, due the constant growth and profitability of the region.
    [Show full text]
  • Sustainable Development Report
    2006 sustainable development report 2006 sustainable development report table of contents our vision, mission and values /2-3/ introduction by the CEO /4-5/ introduction by the corporate affairs director /6-7/ about the company /8-11/ responsible drinking /12-19/ environmental protection /20-31/ care for quality and expertise /32-39/ respect for human rights /40-45/ community development support /46-51/ preserving the historical legacy /52-61/ business transparency /62-67/ our vision, mission and values Plzeňský Prazdroj is the leading brewing company in Central Europe. It symbolizes the best tradition of this important industry and, moreover, was responsible for a true turning point in the industry's development when in 1842 the predecessors of today's Plzeňský Prazdroj brewed the first ever pale lager, which was later to give its name to the most popular type of beer in the world. Nowadays, Plzeňský Prazdroj boasts the reputation of the biggest beer producer and exporter in the Czech Republic. The company is a member of the international group SABMiller plc, the second largest brewing company in the world in terms of volume, and with brewing activities in more than 60 countries all over the world. Plzeňský Prazdroj is one of the most admired companies in the Czech Republic. The company's business operations and all its other activities follow the principles of transparency, healthy economic competition and corporate responsibility. These principles are contained in corporate documents, guidelines and internal procedures in compliance with the relevant Czech and EU legislation and internationally acknowledged principles of business management and administration.
    [Show full text]
  • Sabmiller Plc Annual Report 2012
    SABMiller plc Annual Report 2012 Contents What’s inside Overview 1 Performance highlights Financial and operational highlights 2 Five minute read 4 Group at a glance of the year, an overview of the group and a description of our business activities Business review 7 Chairman’s statement Statements from our Chairman and 12 Global beer market trends 14 Chief Executive’s review executive directors, an overview of 15 Business model our markets, strategy, our business 20 Strategic priorities model, the way we manage risk, 21 Key performance indicators 22 Principal risks how our operations performed 25 Operations review and our approach to sustainable 25 Latin America development and people 27 Europe 29 North America 30 Africa 32 Asia Pacific 34 South Africa: Beverages 35 South Africa: Hotels and Gaming 37 Chief Financial Officer’s review 46 Sustainable development 50 People Governance 52 Board of directors An introduction to the board and 54 Executive committee 55 Directors’ report executive committee and details of 59 Corporate governance the group’s approach to corporate 68 Directors’ remuneration report governance and remuneration Financial statements 84 Statement of directors’ responsibilities in respect of the Audited financial statements, notes consolidated financial statements 85 Independent auditors’ report to the members of SABMiller plc and other key data, and definitions on the consolidated financial statements of terms 86 Consolidated income statement 87 Consolidated statement of comprehensive income 88 Consolidated balance sheet
    [Show full text]
  • Sabmiller Case Study
    Creating Value Through the Chain: SABMiller & the Tenderos Real Development, a Good Business Strategy? Closing the Gap Shashank Aeri & Trevor N. May McGill University students Shashank Aeri and Trevor May prepared this case under the supervision of professors Sonia Laszlo, Philip Oxhorn, and Paola Perez-Aleman. Funding for the development of this case was provided by the Department of Good and not by the company nor the IDB. ISID cases are developed solely as the basis for class discussion. Cases are not intended to serve as endorsements, sources of primary data, or illustrations of effective or ineffective management. The authors would like to thank the IDB, the company and their partners for helpful feedback on earlier drafts. The views expressed in this paper are solely those of the authors and do not represent the views of the IDB, the company or their partners. Copyright © Institute for the Study of International Development ISID Case Studies | Creating Value Through the Chain: SABMiller & the Tenderos Table of Contents EXECUTIVE SUMMARY 2 I. INTRODUCTION 3 PURPOSE & PARTNERS 3 SABMILLER 3 FUNDES 4 IDB & MIF 5 THE TENDEROS CASE IN CONTEXT 5 II. CASE DESCRIPTION 6 PARTNERSHIP AND PROJECT ORIGINS 6 PROJECT SELECTION AND DEFINITION PROCESS 7 PROJECT GOALS 8 III. TRANSFORMING THE BUSINESS AND DEVELOPMENT APPROACH 9 IV. PARTNERING FOR INNOVATION 11 MULTI-STAKEHOLDER DIALOGUE 11 SOCIAL INNOVATION 13 IMPACT INVESTMENT 14 V. ACHIEVING AND MAXIMIZING IMPACT 15 VI. DISCUSSION 16 VII. CONCLUSION 18 VIII. REFERENCES 21 IX. APPENDIX 22 1 www.mcgill.ca/isid ISID Case Studies | Creating Value Through the Chain: SABMiller & the Tenderos Executive summary Launched in 2013, the “4e Camino al Progreso” program is an Inter-American Development Bank/Multilateral Investment Fund-sponsored social investment project led by SABMiller and implemented by the executing agency FUNDES in six Latin American countries.
    [Show full text]
  • €40,000,000,000 Euro Medium Term Note Programme Unconditionally and Irrevocably Guaranteed By
    ANHEUSER-BUSCH INBEV SA/NV (a Belgian public limited liability company with registered office at Grand-Place/Grote Markt 1, 1000 Brussels, Belgium) as Issuer on the basis set out below €40,000,000,000 Euro Medium Term Note Programme unconditionally and irrevocably guaranteed by ANHEUSER-BUSCH COMPANIES, LLC (a limited liability company incorporated in the State of Delaware with registered office at 1209 Orange Street, Wilmington, Delaware 19801 United States of America) ANHEUSER-BUSCH INBEV FINANCE INC. (a company incorporated in the State of Delaware with registered office at 1209 Orange Street, Wilmington, Delaware 19801 United States of America) ANHEUSER-BUSCH INBEV WORLDWIDE INC. (a company incorporated in the State of Delaware with registered office at 1209 Orange Street, Wilmington, Delaware 19801 United States of America) BRANDBEV S.À R.L. (a société à responsabilité limitée incorporated under the laws of the Grand Duchy of Luxembourg with registered office at 15 Breedewues, L-1259 Senningerberg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies under number B 80.984) BRANDBREW S.A. (a société anonyme under the laws of the Grand Duchy of Luxembourg with registered office at 15 Breedewues, L-1259 Senningerberg, Grand Duchy of Luxembourg, registered with the Luxembourg Register of Commerce and Companies under number B-75696) COBREW NV (a Belgian public limited liability company with registered office at Brouwerijplein 1, 3000 Leuven, Belgium) An investment in Notes issued under the Programme involves certain risks. You should have regard to the risk factors described in Section 2 (Risk Factors) of this Base Prospectus.
    [Show full text]