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BDLive reports that the SABMiller board on Wednesday informed staff dealing with the company’s convergence and integration with Anheuser-Busch InBev (AB InBev) to stop their work, bringing the R1.4-trillion megabrew merger to a halt.
In an internal memo, the board reportedly said the "full and final" offer announced by AB InBev on Tuesday, which saw a £1 increase in the offer to £45 per SABMiller share, had prompted its decision. The board said, in light of this development, it was prudent that work on preparing SABMiller for integration with AB InBev was stopped while the board considered the implications and engaged with shareholders. The move is said to be an ominous development in a transaction that was announced in November 2015. On Wednesday, the Public Investment Corporation (PIC), which holds about 46-million SABMiller shares, said it was in discussions with SABMiller on the new offer price, but did not want to make its view public at this stage.
- Read this report by Ann Crotty in full at BDLive
- See too, PIC in talks with SABMiller over an improved merger offer from AB Inbev, at Fin24
Get other news reports at the SA Labour News home page