UK: Philip Morris asks for SAB board seats in Miller deal - reports
A deal that could see Philip Morris take two board seats at South African Breweries as part of its $5billion disposal of Miller Brewing to SAB, is expected to be announced this week, according to a report in the UK's Sunday Times.
The newspaper said that SAB is to finance the deal, through the issue of shares and cash. Philip Morris, the world's largest tobacco company, will own between 25% and 33% of the brewer.
Although SAB boss Graham Mackay will continue to run the company Philip Morris wanted to safeguard its investment by asking for the board seats.
Talks between the two companies have been going on for 10 weeks, and are continued this weekend, the Sunday Times said.
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