Suntorys US$16bn takeover of Beam is due to complete next week

Suntory's US$16bn takeover of Beam is due to complete next week

Beam Inc has signalled its intention to delist its stock from the New York Stock Exchange (NYSE) as Suntory's acquisition of the group moves closer.

The US spirits firms has notified the NYSE that it will delist its common stock and publicly-tradded debt from the market once the US$16bn deal is completed, Beam said late yesterday (22 April). The company said it will also terminate the registration of the common stock and debt under the 1934 Securities Exchange Act.

Beam said it expects to officially notify the US Securities and Exchange Commission of its actions “on or before 2 May”.

Suntory's US$16bn takeover of Beam is expected to complete next Wednesday (30 April), after it was announced this week that the deal had cleared its final regulatory hurdle.

Suntory has declined to comment on reports it plans to move the head office for its alcoholic drinks unit to Beam's Illinois base once the deal is complete.