South Africa, Johannesburg: Shareholders in South African soft drinks group Amalgamated Beverage Industries (ABI) approved a bid by global brewer SABMiller to buy out minority holdings at a meeting on Tuesday, November 9, ABI announced. ABI said the scheme of arrangement, whereby majority owner SABMiller will buy the 26.5 percent in ABI it doesn't already own for 91 rand per share, would now go to the South African High Court for sanctioning, and then for registration by the Registrar of Companies, the final condition for the deal.
ABI, South Africa's biggest bottler of Coca-Cola and other soft drinks, reported interim results on Oct. 28 with headline earnings up 24 percent at 211 million rand ($34.28 million). ABI shares were unchanged at 90.35 rand at 1445 GMT, while SABMiller shares in Johannesburg were up nearly one percent at 93.01 rand, in line with the blue chip index .
SABMiller, which brews Miller Lite, Pilsner Urquell, Castle and Peroni beers, was known as South African Breweries before it bought out underperforming U.S. brewer Miller in 2002 for $5.6 billion, catapulting it into the top handful of world brewers.
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