Russia & Belgium: InBev will own 99.7% economic interest in SUN Interbrew Ltd

InBev S.A. announced on May 27 that it closed its offers to acquire remaining minority interests in SUN Interbrew Ltd on 26 May 2005. On settlement InBev will own 99.7% economic interest in SUN Interbrew Ltd.

InBev S.A. said that the deadline for the receipt of acceptances for the recommended offers of USD33.41 in cash for the remaining Class A (non-voting) shares and GDRs ("Class A Securities") and Class B (voting) shares and GDRs ("Class B Securities" and, together with the Class A Securities, "SIL Securities") that InBev does not already own in SUN Interbrew Ltd (“SIL”) expired at 3.00pm (Luxembourg time) on May 26th 2005.

Acceptances of the Offers and market purchases of SIL Securities by InBev during the offer period total 863,877 Class A Securities and 687,186 Class B Securities. InBev has decided to waive the 90% acceptance condition in respect of the offer for the Class A Securities. Accordingly, upon settlement InBev’s total holding of the Class A Securities will be 99.7% and of the Class B Securities will be 99.7%. InBev’s resulting economic interest in SUN Interbrew will therefore be 99.7%.

The payment for the SIL Securities tendered will be made by The Bank of New York, the agent in charge of the Offers, on or before June 3, 2005, pursuant to the conditions of the Offers.

InBev currently intends to change the domicile of SIL from Jersey to another jurisdiction. Following such redomiciliation, InBev intends to procure the making of an application for the de-listing and cancellation of trading in SIL Securities on the Luxembourg Stock Exchange’s market for listed securities. InBev currently expects that the application for such de-listing and cancellation will be made by the end of Q2 2006. InBev may also request that SUN Interbrew terminate the existing deposit agreement through which the SIL GDR programme is operated.

InBev will continue to purchase SIL Securities in the market at up to the Offer Price up to and including June 24, 2005. The purchases will be conducted on behalf of InBev by Renaissance Capital.

The Offers were not made, directly or indirectly, in or into the United States No SIL Securities were solicited from a resident of the United States and, if sent in response by a resident of the United States, were not accepted.

InBev is a publicly traded company (Euronext: INB) based in Leuven, Belgium. The company's origins date back to 1366, and today it is the leading global brewer by volume. InBev’s strategy is to strengthen its local platforms by building significant positions in the world's major beer markets through organic growth, world-class efficiency, targeted acquisitions, and by putting consumers first. InBev has a portfolio of more than 200 brands, including Stella Artois®, BRAHMA®, Beck’s®, Skol®—the third-largest selling beer brand in the world—Leffe®, Hoegaarden®, Staropramen® and Bass®. InBev employs some 77,000 people, running operations in over 30 countries across the Americas, Europe and Asia Pacific. In 2004, InBev realized a net turnover of 8.57 billion euro (including four months of AmBev). For further information visit www.inbev.com.

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