In the Matter of Anheuser-Busch Inbev SA/NV
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Inbev and Anheuser-Busch
A09-10-0015 Andrew Inkpen InBev and Anheuser-Busch In early June 2008, Belgian-based InBev NV launched an unsolicited $46.4 billion bid to acquire Anheuser- Busch Co., owner of the 132-year-old Budweiser brand. The combination would create the world’s largest brewer, with sales of about $36 billion annually. Carlos Brito, CEO of InBev, said that the deal “will create a stronger, more competitive, sustainable global company which will benefit all stakeholders.”1 The initial response from Anheuser was noncommittal, stating that the company “will pursue the course of action that is in the best interests of Anheuser-Busch’s stockholders.” On June 26, Anheuser’s board formally rejected InBev’s original proposal of $65 a share, saying it substantially undervalued the company. The board indicated that it would be open to a higher price. In mid-July, InBev raised its offer to $70 a share, and the Anheuser board voted to accept the deal, recogniz- ing that a better offer was unlikely. The $70 price represented a substantial premium for Anheuser shareholders. InBev management would now have to prove to their shareholders that the premium was justified. The Brewing Industry The basic beer brewing process is quite straightforward. Malted barley (malt) is the primary ingredient, although other grains such as unmalted barley, corn, rice, or wheat can also be used. Yeast, hops, and water are the other main ingredients. The most challenging aspects of industrial-scale brewing are maintaining quality control across large volumes, multiple products, and different production sites, and ensuring that costs are closely managed. -
ABI/Grupo Modelo Case Study
MERGER ANTITRUST LAW ABI/Grupo Modelo (Full Set of Case Materials) Professor Dale Collins Georgetown University Law Center ABI/GRUPO MODELO Table of Contents AB Inbev/Grupo Modelo (2013) Anheuser-Busch InBev, Press Release, Anheuser-Busch InBev and Grupo Modelo to Combine, Next Step in Long and Successful Partnership (June 29, 2012) ................................................................................................ 4 Constellation Brands, News Release, Constellation Brands Inc. to Acquire Remaining 50 Percent Interest in Crown Imports Joint Venture (June 29, 2012) .............................................................................................. 11 U.S. Dept. of Justice, Antitrust Div., News Release, Justice Department Files Antitrust Lawsuit Challenging Anheuser-Busch Inbev’s Proposed Acquisition of Grupo Modelo (Jan. 31, 2013)............................................... 13 Complaint, United States v. Anheuser-Busch InBev SA/NV, No. 1:13-cv-00127 (D.D.C. filed Jan. 31, 2013) ........................................... 16 Constellation Brands, Inc.’s and Crown Imports LLC’s Motion to Intervene As Defendants (Feb. 7, 2013) ....................................................................... 43 Anheuser-Busch InBev, Press Release, Anheuser-Busch InBev and Constellation Brands Announce Revised Agreement for Complete Divestiture of U.S. Business of Grupo Modelo (Feb. 14, 2013) .................................................. 79 Joint Motion to Stay Proceedings (Feb. 20, 2013) .............................................. -
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. -
Complaint: U.S. V. Anheuser-Busch Inbev SA/NV and Grupo Modelo S.A.B. De C.V
Case 1:13-cv-00127 Document 1 Filed 01/31/13 Page 1 of 27 UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA UNITED STATES OF AMERICA, U.S. Department of Justice Antitrust Division 450 Fifth Street, NW, Suite 7100 Washington, D.C. 20530, Plaintiff, v. ANHEUSER-BUSCH InBEV SA/NV Brouwerijplein 1 Leuven, Belgium 3000 and GRUPO MODELO S.A.B de C.V Javier Barros Sierra No. 555 Piso 3 Col. Zedec, Santa Fe Mexico D.F. C.P. 01210 Defendants. COMPLAINT The United States of America, acting under the direction of the Attorney General of the United States, brings this civil action under the antitrust laws of the United States to enjoin the proposed acquisition by Anheuser-Busch InBev SA/NV (“ABI”) of the remainder of Grupo Modelo S.A.B. de C.V. (“Modelo”) that it does not already own, and to obtain equitable and other relief as appropriate. The United States alleges as follows: Case 1:13-cv-00127 Document 1 Filed 01/31/13 Page 2 of 27 I. INTRODUCTION 1. Fundamental to free markets is the notion that competition works best and consumers benefit most when independent firms battle hard to win business from each other. In industries characterized by a small number of substantial competitors and high barriers to entry, further consolidation is especially problematic and antithetical to the nation’s antitrust laws. The U.S. beer industry – which serves tens of millions of consumers at all levels of income – is highly concentrated with just two firms accounting for approximately 65% of all sales nationwide. -
Reporte Anual Que Se Presenta De Acuerdo Con Las Disposiciones De
REPORTE ANUAL QUE SE PRESENTA DE ACUERDO CON LAS DISPOSICIONES DE CARÁCTER GENERAL APLICABLES A LAS EMISORAS DE VALORES Y A OTROS PARTICIPANTES DEL MERCADO DE VALORES EJERCICIO TERMINADO EL 31 DE DICIEMBRE DE 2013 GRUPO MODELO, S.A.B. DE C.V. Javier Barros Sierra 555 Col. Zedec Santa Fe C.P. 01210 México, D.F. México Valores de Grupo Modelo que cotizan en la Bolsa Mexicana de Valores, S.A.B. de C.V. y otros mercados: Grupo Modelo, S.A.B. de C.V. (“Grupo Modelo”) únicamente cotiza acciones ordinarias, con derecho a voto, nominativas, sin expresión de valor nominal de la Serie “C”, representativas de la parte fija del capital social, de libre suscripción. Estos valores se negocian en la Bolsa Mexicana de Valores, S.A.B. de C.V., en el Mercado de Valores Latinoamericanos en Euros (“LATIBEX”). Claves de Cotización: Bolsa Mexicana de Valores: GMODELO C 1 acción Serie “C”. Latibex: XGMD 1 acción Serie “C” por cada Unidad de Cotización. Las acciones GMODELO Serie “C”, se encuentran inscritas en el Registro Nacional de Valores y son objeto de cotización en la Bolsa Mexicana de Valores, S.A.B. de C.V. La inscripción en el Registro Nacional de Valores no implica certificación sobre la bondad del valor o la solvencia de la emisora o sobre la veracidad o exactitud de la información contenida en el Reporte Anual, ni convalida los actos que, en su caso, hubieren sido realizados en contravención de las leyes. ÍNDICE 1. INFORMACIÓN GENERAL a) Glosario de términos y definiciones ................................................................................. -
Inbev Completes Acquisition of Anheuser-Busch - Creates One of the World’S Top Five Consumer Products Companies – - Company Renamed Anheuser-Busch Inbev
Brussels and St. Louis, MO, 18 November 2008 – 1 / 5 InBev Completes Acquisition of Anheuser-Busch - Creates One of the World’s Top Five Consumer Products Companies – - Company Renamed Anheuser-Busch InBev - InBev (Euronext: INB) announced today that it has completed its acquisition of Anheuser- Busch (NYSE: BUD), following approval from shareholders of both companies. The combination creates the global leader in beer and one of the world’s top five consumer products companies. Under the terms of the merger agreement, all shares of Anheuser- Busch will be acquired for 70 USD per share in cash, for an aggregate of 52 billion USD. Effective today, InBev has changed its name to Anheuser-Busch InBev to reflect the heritage and traditions of Anheuser-Busch. Starting November 20, 2008, the company will trade under the new ticker symbol ABI on the Euronext Brussels stock exchange. Anheuser-Busch has become a wholly owned subsidiary of Anheuser-Busch InBev and will retain its current headquarters in St. Louis, MO. St. Louis will also become the North American headquarters for the combined company. The new Anheuser-Busch InBev is geographically diversified, benefiting from a balanced exposure to developed and developing markets. The company manages a portfolio of over 200 brands that includes global flagship brands Budweiser, Stella Artois and Beck’s, fast growing multi-country brands like Leffe and Hoegaarden, and strong “local jewels” such as Bud Light, Skol, Brahma, Quilmes, Michelob, Harbin, Sedrin, Cass, Klinskoye, Sibirskaya Korona, Chernigivske, and Jupiler, among others. Carlos Brito, CEO of Anheuser-Busch InBev, said, “We are extremely pleased to announce the closing of this historic transaction. -
CASE AT.40134 ANTITRUST PROCEDURE Council Regulation
EUROPEAN COMMISSION Competition DG CASE AT.40134 (Only the English text is authentic) ANTITRUST PROCEDURE Council Regulation (EC) 1/2003 Articles 7 and 23(2) Regulation (EC) 1/2003 Date: 13/5/2019 This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Parts of this text have been edited to ensure that confidential information is not disclosed. Those parts are replaced by a non-confidential summary in square brackets or are shown as […]. EUROPEAN COMMISSION Brussels, 13.5.2019 C(2019) 3465 final COMMISSION DECISION of 13.5.2019 relating to a proceeding under Article 102 of the Treaty on the Functioning of the European Union (the Treaty) AT.40134 – AB InBev beer trade restrictions (Only the English text is authentic) EN EN TABLE OF CONTENTS 1. Introduction .................................................................................................................. 5 2. The Undertaking concerned ......................................................................................... 6 3. Procedure ...................................................................................................................... 7 4. AB InBev beer products concerned by the infringement ............................................. 8 4.1. The trade channel concerned by the infringement ....................................................... 9 4.1.1. Contractual relationships between AB InBev and its off-trade customers ................ 10 -
US V. Anheuser-Busch Inbev SA/NV and Grupo Modelo SAB De CV
Case 1:13-cv-00127-RWR Document 48 Filed 10/24/13 Page 1 of 29 UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA UNITED STATES OF AMERICA, Plaintiff, Civil Action No. 13-127 (RWR) v. Judge Richard W. Roberts ANHEUSER-BUSCH InBEV SA/NV, et al., Defendants. FINAL JUDGMENT WHEREAS, Plaintiff United States of America ("United States") filed its Complaint against Defendants Anheuser-Busch InBev SA/NV ("ABI") and Grupo Modelo, S.A.B. de C.V. ("Modelo") on January 31, 20 13; AND WHEREAS, pursuant to a Stipulation among Plaintiff and the Defendants including Defendant Constellation Brands, Inc., ("Constellation"), the Court has joined Constellation as a Defendant to this action for the purposes of settlement and for the entry of this Final Judgment; AND WHEREAS, the United States and Defendants ABI, Modclo, and Constellation, 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 ofthe Final Judgment pending its approval by the Court; Case 1:13-cv-00127-RWR Document 48 Filed 10/24/13 Page 2 of 29 AND WHEREAS, the essence of this Final Judgment is (a) the prompt and certain divestiture of certain rights and assets held by Defendants ABI and Modelo to Defendant Constellation (or other firm) as an Acquirer, to assure that competition is not substantially lessened; and (b) -
AB Inbev & Smart Drinking an Analysis of How the Executive Summary World’S Largest Beer Company Contributes to the Reduction of Harmful Alcohol Use
AB InBev & Smart Drinking An Analysis of How the Executive Summary World’s Largest Beer Company Contributes to the Reduction of Harmful Alcohol Use Published by Business for Impact at Georgetown University’s McDonough School of Business June 2021 Attributions Acknowledgments This publication, AB InBev and Smart Drinking: An Analysis of How the The authors and editor would like to thank Catalina (Cata) Garcia and World’s Largest Beer Company Contributes to the Reduction of Harmful her AB InBev colleagues John Blood, Andrés Peñate, and Carlos Brito Alcohol Use, was produced by Business for Impact at Georgetown for making it possible for our research team to produce this case study. University’s McDonough School of Business with financial support We offer our gratitude to Bill DeJong, who generously shared his health from Anheuser-Busch InBev (AB InBev). The case study authors are communications, social marketing, and editing prowess to help us to Karthikeya (Karthik) Easwar, Myriam Sidibe, and Bill Novelli, and the make this publication stronger. We also recognize Scott Ratzan and editor is Leslie Crutchfield. Mr. Easwar is associate teaching professor of Allison Goldberg, former principals of the AB InBev Foundation, for marketing at Georgetown University’s McDonough School of Business. giving Business for Impact the opportunity to help design and implement Ms. Sidibe is founder of Brands on a Mission, a research fellow at Harvard programs to reduce harmful drinking in South Africa and in other cities University’s Kennedy School of Government, and professor of the practice worldwide. And with deep gratitude to the members of our research team at the London School of Hygiene and Tropical Medicine. -
Anheuser-Busch Inbev SA/NV Form SC 13D/A Filed
SECURITIES AND EXCHANGE COMMISSION FORM SC 13D/A Schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities [amend] Filing Date: 2021-06-16 SEC Accession No. 0001193125-21-192182 (HTML Version on secdatabase.com) SUBJECT COMPANY Anheuser-Busch InBev SA/NV Mailing Address Business Address BROUWERIJPLEIN 1 BROUWERIJPLEIN 1 CIK:1668717| IRS No.: 000000000 | State of Incorp.:C9 | Fiscal Year End: 1231 LEUVEN C9 3000 LEUVEN C9 3000 Type: SC 13D/A | Act: 34 | File No.: 005-89670 | Film No.: 211022070 32(0)16276018 SIC: 2082 Malt beverages FILED BY BRC S.a.R.L. Mailing Address Business Address 73, COTE D'EICH 73, COTE D'EICH CIK:1301486| IRS No.: 000000000 | State of Incorp.:N4 | Fiscal Year End: 1231 LUXEMBOURG N4 L-1450 LUXEMBOURG N4 L-1450 Type: SC 13D/A 352-40-45-46 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* Anheuser-Busch InBev SA/NV (Name of Issuer) Ordinary Shares, without par value American Depositary Shares, each of which represents 1 (one) Ordinary Share, without par value, evidenced by American Depositary Receipts (Title of Class or Securities) 03524A108 (CUSIP Number for American Depositary Shares) John Horsfield-Bradbury Erik Adam Mr. Roberto Moses Thompson Sullivan & Cromwell LLP Eugénie Patri Sébastien S.A. BRC S.à.R.L. 1 New Fetter Lane 488 Route de Longwy, L-1940, 2 Boulevard de la Foire, London EC4A 1AN Luxembourg L 1528 Luxembourg England + 352 27 02 39 +352 2704-86 84 21 +44 20 7959-8900 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communication) June 7, 2021 (Date of Event to Which This Filing Relates) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. -
Anheuser-Busch Inbev (NYSE: BUD) April 15, 2021 Consumer Staples – Alcoholic Beverages Stock Rating: HOLD
Krause Fund Research Spring 2021 Anheuser-Busch InBev (NYSE: BUD) April 15, 2021 Consumer Staples – Alcoholic Beverages Stock Rating: HOLD Analysts Target Price: $69 - $75 Kallie Klopfenstein | [email protected] DCF Model: $74.06 Lauryn Vaske | [email protected] 2021 Relative P/E: $72.27 2022 Relative P/E: $68.51 Investment Thesis Price Data We recommend a HOLD rating for Anheuser-Busch InBev due to a decreasing global Current Price: $67.73 market share and a mature balance sheet, while continuing to exhibit a trend-following 52-Week Range: $37.93 - $72.41 strategy. The stock offers between a 1.9% and 10.7% upside to investors. Key Statistics Drivers of Thesis: Losing market share: We expect global volume sales to rebound by 5.7% in 2021. Market Capitalization (B): 104.1 In 2022 and beyond, we project mature markets to have mostly negative volume Shares Outstanding (M): 1,646 sales growth, while we estimate emerging markets to have low-single-digit growth Avg 2, 3, 4 yr mthly beta: 1.60 of 1.5%-4.0%. We project 50bps of global market share loss each year. Fwd Price/Earnings: 22.08 Mature balance sheet: AB InBev’s significant debt obligations lower the amount of cash flow available for product innovation. Each year we project that roughly Price/Earnings (LTM): (208.2) 13% of all revenues will go towards debt repayment. Financial Metrics Trend followers: AB relies on their brand name to stay relevant when following 2020 Revenue 46,881 trends. We believe their trend following strategy will result in consistently low 2021E Revenue 50,893 volume sales growth of roughly 1.62% globally after 2021. -
E-Newsletter
July 2006 E-Newsletter InBev Initiates Global Compact Network: Belgium Feature stories: In collaboration with the United Nations, InBev launched the UN Global Compact Network for Belgium in June 2006. The event brought together InBev Initiates Global over 35 representatives from the European Union, UN, government, Compact Network: business and nongovernmental organizations at the historic Belgian Brewers’ Belgium House in Brussels to generate a dialogue on the role Belgian business can play in moving towards the UN Millennium Goals. A member since 2004, InBev discussed how companies On Track with First can incorporate the principles of the Global Compact into their business strategy, culture Quarter Financial and day-to-day operations. Results Michel Lastchenko, Belgium Director of the Strategic Unit at the Ministry for Development Canada Adds New and Cooperation, was joined by Lila Karbassi, UN Global Compact Network coordinator, Responsible Drinking and François Georges, head of international corporate affairs, EDF, at the event. Campaign Ms. Karbassi congratulated InBev on its initiative in spearheading the launch of the Global European Brewers Compact Network for Belgium, saying “The leadership and activities of Belgian companies Target Responsible will determine the way forward for the Compact in Belgium. The first steps have been made Consumption thanks to the initiative taken by InBev. Country networks catalyze the initiative’s global InBev’s Premium mission into local action, and we look forward to working further with the Belgian network.” Brands Recognized with “Superior Taste Proposed by UN Secretary General Kofi Annan in 1999, the Global Compact is a network Award” of 2,755 companies, labor organizations, civil society organizations, academics and cities committed to supporting principles of human rights, labor standards, environmental Stay Tuned: Citizenship protection and anti-corruption.