Colombia & UK: SABMiller to become the world’s second largest brewer after acquisition of Bavaria
About 98 % of London-based SABMiller's shareholders gave an ok for the deal, which makes SABMiller the world's second-largest brewer behind Belgium's InBev, and bumps St. Louis-based Anheuser-Busch Cos. Inc. to third place. SABMiller acquired a 71.8% stake in South American brewer Bavaria in a deal valued at US$7.8 billion (50.7 billion rand at the current exchange rate), SABMiller stated.
Bavaria is the second-largest brewer in South America, with a 79 % or more market share in Panama, Ecuador, Peru and Colombia. Its brands include Aguila, Cristal, Pilsener and Atlas. Bavaria also produces water, juices, soft drinks and milk.
London-based SABMiller said the deal would further diversify its existing businesses and brands in attractive growth markets. The brewer already has operations in El Salvador and Honduras, but those markets are difficult because of their weak economies and high fuel prices, reports said.
SABMiller has submitted on October 7 to the Financial Services Authority a prospectus relating to the new SABMiller shares to be issued pursuant to the major transaction in South America which was announced on 19 July 2005, and which was approved by the shareholders of SABMiller at an Extraordinary General Meeting held on 7 October 2005.
SABMiller expects admission of the new SABMiller shares and completion of the transaction to take place on 12 October 2005.
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