29 June 2012
BRUSSELS and MEXICO CITY, 29 June 2012 /Anheuser-Busch InBev and Grupo Modelo, S.A.B. de C.V. (bmv:GMODELOC) today announced that they have entered into an agreement under which Anheuser-Busch InBev will acquire the remaining stake in Grupo Modelo that it does not already own for USD 9.15 per share in cash in a transaction valued at USD 20.1 billion or MXN 278.6 billion. The combination will be completed through a series of steps that will simplify Grupo Modelo's corporate structure, followed by an all-cash tender offer by AB InBev for all outstanding Grupo Modelo shares. The tender price represents a premium of approximately 30% to the closing price of Grupo Modelo series C shares on June 22, 2012.
The agreement is a natural next step given AB InBev's existing economic stake of more than 50% in Grupo Modelo and the successful long-term partnership between the two companies. The combined company would lead the global beer industry with roughly 400 million hectoliters of beer volume annually and 2012 estimated revenues of USD 47 billion. Its operations would span 24 countries with enhanced opportunities for 150,000 employees across the globe.
Update from Bloomberg:
AB InBev will appoint Maria Asuncion Aramburuzabala and Valentin Diez Morodo, said the person, who did not wish to be named because the news has not yet been publicly announced. Aramburuzabala and Diez Morodo are on the board of Mexico-city based Modelo.