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InBev SA late Sunday urged Anheuser-Busch Cos. not to
consider alternative transactions before examining its own $46.3
billion offer amid speculation that the maker of Budweiser had
approached its Mexican joint venture partner.
In a letter to Anheuser-Busch president and CEO August Busch IV, InBev CEO Carlos Brito noted recent reports suggesting Anheuser-Busch may have proposed a transaction to Grupo Modelo SAB de CV, the Mexican brewer of Corona in which Anheuser-Busch holds 50.2%.
InBev unveiled an unsolicited $65 per share offer last week designed to cement the Leuven, Belgium-based brewer's position as the world market leader. The merged company, whose name InBev promised would evoke Anheuser-Busch's heritage, would have 2007 sales of $36.4 billion and Ebitda of $10.7 billion. InBev, whose 200-plus brand portfolio includes Stella Artois, Beck's and Bass, is keen to make Budweiser its global flagship brand. "We would expect that prior to proceeding with any alternative transaction, especially if your shareholders will not be given the opportunity to vote on it, you would first fully explore our offer and the potential adverse consequences any such transaction could have on the ability of your shareholders to receive our premium offer," Brito said in the letter, also sent to Anheuser's board of directors. The influence of Warren Buffett may help InBev's case. The investor's Berkshire Hathaway Inc. is Anheuser-Busch's second-largest shareholder with a 5% stake, and Buffett plans to speak with Busch in coming days about InBev's offer, according to news outlets including Sunday's Observer newspaper. - Renee Cordes See full story on TheDeal.com See Dealscape: Anheuser-Busch reportedly in talks with Grupo Modelo See Dealscape: Anheuser-Busch finally receives InBev bid See Dealwatch: Brewers Categories Deal Video
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