UK/US: SAB to pay US$160m if Miller deal falls through
By just-drinks.com editorial team | 12 June 2002
South African Breweries will end up paying a breakup fee of US$160 million if it backs out of its US$5.6 billion deal to buy Philip Morris Cos. Inc.'s Miller Brewing beer unit, Philip Morris said on Tuesday. In a regulatory filing, Philip Morris, the world's No. 1 tobacco company, said it would be entitled to the breakup fee if SAB did not obtain shareholder approval for the deal by July 8, 2002, or if the transaction were not completed by July 31, 2003.
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South African Breweries will end up paying a breakup fee of US$160 million if it backs out of its US$5.6 billion deal to buy Philip Morris Cos. Inc.'s Miller Brewing beer unit, Philip Morris said on Tuesday. In a regulatory filing, Philip Morris, the world's No. 1 tobacco company, said it would be entitled to the breakup fee if SAB did not obtain shareholder approval for the deal by July 8, 2002, or if the transaction were not completed by July 31, 2003.
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