UK: SAB silent on merger speculation
South African Breweries has declined to comment on renewed speculation that it is planning to merge with Scottish & Newcastle in the UK and Miller Brewing Co in the US.
Meanwhile, reports in the US suggested that an announcement on the three-way merger could be made as early as March. In the US, Miller too declined to comment on the speculation.
The Wall Street Journal reported that Miller had held talks with a number of potential merger partners including Coors, S&N and SAB, but suggested that negotiations had stalled of late. The talks with S&N and SAB reportedly became deadlocked over issues of price and management control.
No immediate announcement is therefore expected but Miller's owner, Philip Morris, is said to be keen to find a buyer for its brewing subsidiary which is thought to have a price-tag of around $5 billion.
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