BELGIUM: Market volatility leads to InBev rights offering delay
InBev has postponed its rights offering following the recent "unprecedented" volatility on the world's stock markets.
The brewer, which had announced the rights offering in the summer to help fund its US$52bn takeover of Anheuser-Busch, said yesterday (14 October) that it was postponing the offering "until market conditions stabilise". The move would not affect completion of the A-B purchase, InBev noted.
InBev's board will "continue to monitor market conditions to determine the appropriate time to launch the rights offering", the company added.
At the same time, InBev reaffirmed the strong support of the group of banks who are providing the financing for the A-B purchase.
"We are moving forward confidently and expect to complete the combination of these two great companies by the end of the year to create the world's leading brewer," said InBev's CEO, Carlos Brito.
The acquisition is set to close by the end of this year, subject to approval from A-B's shareholders at a meeting next month and the receipt of remaining regulatory approvals.
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