LEUVEN, Belgium, & DENVER -- With all but one regulatory duck in a row, Anheuser-Busch InBev announced the final terms for its purchase of SABMiller, setting the stage for the closing of the deal possibly in the third quarter.
Belgium-based AB InBev will pay SABMiller shareholders £45 (about $59 U.S.) per share in cash, slightly higher than the £44 offer accepted by SABMiller's Board of Directors in November 2015 and a substantial premium over the £29 closing share price on Sept. 14, 2015, the day before AB InBev made its first bid for the second-largest beer brewer in the world. The final terms value the deal at £79 billion (about $104 billion U.S.).
Last week, AB InBev announced it had received regulatory approval of the acquisition in the United States after it essentially relinquished all rights to SABMiller's U.S. products. This followed previous approvals in Europe, South America and smaller markets around the world.
As a final regulatory hurdle, AB InBev still is waiting for regulatory approval in China, one of the biggest markets for both AB InBev and SABMiller.
The combination of AB InBev and SABMiller "would create a truly global brewer," CEO Carlos Brito has said, "providing more choices for beer drinkers, including global and local brands, in new and existing markets around the world."
Moves at Molson
Meanwhile, as Molson Coors Brewing Co. prepares to take over 100% ownership of MillerCoors, the company has made a number of new leadership appointments that will take effect upon the close of the acquisition, which is expected before the end of the year.
- Kandy Anand, the current president and CEO of Molson Coors International, will be appointed to the newly created role of chief growth officer for Molson Coors, responsible for leading the company’s global commercial excellence strategy, including global brand development and corporate strategy.
- Michelle Nettles, the current chief people officer for MillerCoors, will be appointed to the newly created role of chief people and diversity officer for Molson Coors, responsible for building a strong, diverse and efficient global team that supports the Denver-based company’s business objectives.
- Stewart Glendinning, the current president and CEO of Molson Coors Canada, will be appointed as the new president and CEO of Molson Coors International and will be responsible for accelerating the growth of the company’s expanded international business with the addition of the Miller brands globally.
- Frederic Landtmeters, the current managing director of Molson Coors UK and Ireland, will be appointed as the new president and CEO of Molson Coors Canada and will be responsible for continuing the transformation of that business in order to reignite growth.
The executive leadership team for Molson Coors upon close of the transaction will be as follows:
- Mark Hunter: President and CEO
- Kandy Anand: Chief growth officer
- Simon Cox: President and CEO, Europe
- Brenda Davis: Chief integration officer
- Stewart Glendinning: President and CEO, International
- Gavin Hattersley: President and CEO, USA
- Frederic Landtmeters: President and CEO, Canada
- Michelle Nettles: Chief people and diversity officer
- Mauricio Restrepo: Chief financial officer
- Sam Walker: Chief legal and corporate affairs officer
- Celso White: Chief supply chain officer
“As we prepare for our first day as a stronger, combined organization, with an ambition to be first choice for our consumers and customers, we have a unique opportunity to build our new leadership team in a way that leverages the deep bench of talent in both companies," Hunter said. "Our growth as a business is underpinned by a relentless focus on leadership, diversity and talent development at all levels within Molson Coors, including the [leadership team]. I am confident that this team will successfully lead our transformation into a stronger, more effective competitor with enhanced commercial capabilities to drive top-line growth, as well as deliver value for our consumers, customers, partners and shareholders alike.”
In addition to the new leadership appointments, Molson Coors announced that, effective Jan. 1, 2017, Molson Coors International’s export and license business in Europe will be transferred to Molson Coors Europe and that MillerCoors’ business in Puerto Rico will be transferred to Molson Coors International.
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