INDIA: Battle brewing as UB tries to block SABMiller/Shaw Wallace deal
The reports said that The Mumbai High Court had admitted that a suit had been filed by UB group's McDowell and Co urging to restrain South African Breweries from acquiring shares in Shaw Wallace Breweries, Shaw Wallace Distilleries, Skol Breweries and Maharashtra Distilleries.
So far the UB Group has refused to comment and it remains unclear on what grounds the UB Group believes it has legal grounds for the suit.
The McDowell suit also sought from the court a declaration to the effect that the 'purported' transfer of the brewing and distilling business from Shaw Wallace to the newly created group companies Shaw Wallace Distillers and Shaw Wallace Breweries is illegal and void.
UB itself is already entering into a JV with UK-based Scottish & New Castle, with the latter scheduled to invest over Rs 500 crore in the Indian company. This proposal is awaiting the Foreign Investment Promotion Board's clearance.
Shaw Wallace has been seeking a joint venture with a multinational brewer to strengthen its beer business in the country's 73m case market for some time. SABMiller has been a frontrunner since the start. Although talks are believed to have stumbled, sources said they had been revived of late.
Having recorded a third consecutive year of volume, margin and earnings growth, global brewing force, SAB Miller, was in a position to give shareholders a 27% dividend increase and eye the acquisition...
Rumours that SABMiller is poised to launch a bid for Empresarial Bavaria swept the trading floor yesterday (2 June)....
The Indian subsidiary of SABMiller, MBL Investments (Mysore), has acquired the Shaw Wallace Group's 50% interest in the brewing operations of SABMiller's Indian joint-venture....
The German-owned investment house, Deutsche Bank, has upgraded shares in the UK-based international brewing group, SABMiller, from "hold" to "buy", and raised its target for the shares from 830p to 95...
The CEO of SABMiller has hailed the brewer's full-year figures as "very pleasing" today (19 May)....
SABMiller has seen its share rating upgraded....
SABMiller has agreed to acquire the Slovakian brewer Topvar. Topvar is located in the city of Topoľčany in Western Slovakia and sold 569,000 hectolitres of beer in 2004....
SABMiller has had its share recommendation upped....
- Interview - Beam Suntory's EMEA president
- Beckham, Diageo and the Allure of the VIP Pop-Up
- Interview - William Grant & Sons
- What do A-B InBev results mean for SABMiller deal?
- Interview - Beam Suntory's EMEA head - part II
- Diageo, Beckham launch VIP pop-up for Haig Club
- Pinnacle Vodka, Skinnygirl roll out on ice
- Diageo reveals US$400m Tequila investment
- Diageo completes Don Julio, Bushmills swap deal
- Beam Suntory strikes new Baltics tie-up
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends research
- Wine, 2014 and the future
- Beam Suntory Inc. - Strategy and SWOT Report
- Spirits and RTDs, 2014 and the future
- Global RTD/RTS insights - market forecasts, product innovation and consumer trends research