Home / Markets / Commodities

Wednesday, November 12, 2008

Anheuser-Busch Shareholders Approve Sale to InBev

By Kathryn Buschman Vasel

FOXBusiness

Anheuser-Busch (BUD) shareholders approved the company's sale to Belgian-Brazilian brewer InBev at a special shareholder meeting today.

In July, the St. Louis-based brewer accepted InBev’s buyout offer of $52 billion, or $70 a share.

"The proposed merger between Anheuser-Busch and InBev under consideration today was a difficult decision for our board to make," said August Busch IV, president and CEO, in comments made during the meeting.

Busch IV will be the director of the combined company, which be called Anheuser-Busch InBev.

The deal still faces regulatory approval, but the newly-created company said it expects the deal to close by the end of the year and would create the world's largest brewer. InBev shareholders have already approved the merger.

InBev's North American operations will be in St. Louis, home to Anheuser-Busch for more than 150 years.

InBev’s offer to buy the nation's largest brewer was met with anxiety. Missouri Governor Matt Blunt urged the Federal Trade Commission in June to investigate the sale on fears a merger would create a beer monopoly in the U.S. market and cripple the state’s economy.

Anheuser-Busch, know for its iconic Clydesdales horses, reported its net income fell 5.7% to $666 million, or 90 cents a share, compared to $707 million, or 95 cents a share in 2007. While shares of the company have fallen in recent weeks, InBev said it won’t reduce its $70-per-share offer.

Fox Business Video

- The Crisis With 20/20 Hindsight
- Nov 21, 2009
  
  FOXBusiness.com LIVE
- Jerry Rice Talks Career
- Nov 21, 2009
  
  NFL Receiver on career on the gridiron
- John O'Hurley as Venture Capitalist
- Nov 21, 2009
  
  Comedian on life as venture capitalist
- Excess Spending in Congress
- Nov 21, 2009
  
  Saving $100 Million
- Cavuto Business Report 11-20-09
- Nov 21, 2009
  
  Business Report: Cavuto