US: Beam Inc CEO to pocket US$40m from Suntory takeover
Beam is expected to be bought by Suntory for US$16bn
The payment was unveiled this week in company documents that show Beam executives and directors will be see the value of their stockholdings - issued as incentive rewards throughout Beam's lifetime - increase to $109m as a result of the transaction. Suntory is expected to complete its proposed $16bn takeover of the Maker's Mark and Laphroaig producer at the end of April. The purchase will earn Beam shareholders $83.50 per share.
Shattock's slice, half of which will be in stock options, includes a $4m performance-related payment, more than four-times as much as the next highest performance payments for chief performance officer and Mindy Mackenzie and Bob Probst, Beam's CFO.
Probst will receive the second highest remuneration, which will total $14m. Mackenzie, formerly Beam's HR head, only took on her new role at the end of January. However, she stands to receive $5m as a result of the takeover.
The company documents also revealed that Shattock will get a $30m parachute payment, including $8m in cash with the rest paid in equity, if he is made redundant within two years of a Suntory purchase. Probst would get $8.5m overall.
Suntory made a significant move in 2013 with the acquisition of Lucozade and Ribena from GlaxoSmithKline. This has boosted its presence in sports and energy drinks in Western Europe. However, the bran...
Suntory Beverage & Food Ltd was listed on the Tokyo Stock Exchange in 2013, with the aim of financing its global M&A. The company acquired two brands Lucozade and Ribena from GlaxoSmithKline in Septem...
Spirits in Portugal industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2009-13, and forecast to 2018). The profile also contai...
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