Brexit impact: Bottles of Grolsch Kornuit premium pilsner beer move along conveyors inside the Grolsch brewery, operated by SABMiller Plc, in Enschede, Netherlands. AB InBev’s takeover of London-based SABMiller - set to be largest corporate takeover in UK history - is one of many European deals muddied by the economic uncertainty following the Brexit vote. — Bloomberg
LONDON: Britain’s decision to leave the EU has complicated a slew of deals. In the latest twist, the plummeting pound is creating an unintended premium for a select few shareholders in SABMiller Plc.
Under the terms of Anheuser-Busch InBev NV’s US$103bil takeover offer, SABMiller investors can choose 44 pounds a share in cash or a mix of cash and stock that was valued at just over 39 pounds a share when the deal was announced in October. The partial share alternative was a tax-friendly option designed for SAB’s two biggest shareholders, Altria Group Inc and BevCo Ltd. But the pound’s drop against the euro has pushed its value to about 51.50 pounds a share, 17% above the cash offer.
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