UK: SABMiller pulls float plans
In a statement last night the company said: “In light of prevailing market conditions, SABMiller plc has decided, in the best interests of its shareholders and the company, not to proceed with the proposed placing of ordinary shares.”
The move comes just 12 hours after SABMiller had announced its intentions to build a considerable warchest to pursue global acquisitions by a placing to institutional investors of 120m shares worth, at yesterday's close around £650m. The group's share capital would have enlarged by around 12%.
Yesterday Nick Chaloner, director of communications, had said the placing would give the company flexibility in the face of a rapidly consolidating global beer industry, including "opportunities to enhance its position as a global brewer".
Chaloner said: "Basically, we have a pipeline of deals." The areas expected to have been targeted by SABMiller were the markets where it already has a foothold, such as China, Central America, India and Africa.
SABMiller said it would likely resurrect the issue later in the year, but conceded it may lose the flexibility to pursue specific deals.
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....
Fresh rumours surrounding a possible bid for Scottish & Newcastle saw the brewer's share price rise sharply yesterday (18 May) morning....
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....
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