UK/US: SAB to pay US$160m if Miller deal falls through
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.
London-based South African Breweries, is paying US$3.6 billion in shares to Miller's owner, Philip Morris, and taking on Miller debt of US$2 billion. The deal will give US Marlboro cigarette and Kraft food group Philip Morris a 36% economic interest in SABMiller.
Having recorded a third consecutive year of volume, margin and earnings growth, global brewing force, SAB Miller, was in a position to give shareholders a 27% dividend increase and eye the acquisition...
Rumours that SABMiller is poised to launch a bid for Empresarial Bavaria swept the trading floor yesterday (2 June)....
The Indian subsidiary of SABMiller, MBL Investments (Mysore), has acquired the Shaw Wallace Group's 50% interest in the brewing operations of SABMiller's Indian joint-venture....
The German-owned investment house, Deutsche Bank, has upgraded shares in the UK-based international brewing group, SABMiller, from "hold" to "buy", and raised its target for the shares from 830p to 95...
The CEO of SABMiller has hailed the brewer's full-year figures as "very pleasing" today (19 May)....
SABMiller has seen its share rating upgraded....
SABMiller has agreed to acquire the Slovakian brewer Topvar. Topvar is located in the city of Topoľčany in Western Slovakia and sold 569,000 hectolitres of beer in 2004....
SABMiller has had its share recommendation upped....
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