No cheer as PIC grills beer boss
Representatives of SABMiller's fourth-biggest shareholder, the Public Investment Corporation, met the CEO of Anheuser-Busch InBev, Carlos Brito, last week to dictate conditions intended to prevent the merging of the world's two biggest brewers costing jobs in South Africa. The government pension fund manager demanded that the combined company be listed on the JSE and that it preserve local jobs, PIC spokesman Sekgoela Sekgoela said.The PIC also said that AB InBev must support secondary industries linked to brewing, including agriculture.AB InBev agreed to pay almost $106-billion for SABMiller earlier this month in a takeover that would create a brewer selling one in every three beers worldwide. The two have until tomorrow to hammer out a formal agreement to present to the UK takeover panel. An extension of the deadline is likely.Some industry observers think South Africa is the jurisdiction in which the takeover will meet the most resistance...
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