Beam expects the deal to close next month

Beam expects the deal to close next month

Suntory Holdings’ US$16bn acquisition of Beam Inc has moved a step closer after being given regulatory approval by US authorities. 

Beam said today (5 March) that the US Federal Trade Commission (FTC) has granted “early termination” over a waiting period to review the tie-up. Under the Hart-Scott- Rodino Act in the US, companies must file details of a merger and get approval from the FTC and Department of Justice. 

“This is another important step towards completing the acquisition of Beam for $83.50 per share, and the transaction remains on track to close in April,” said Matt Shattock, Beam’s president & CEO.  

However, the deal still needs regulatory clearance in the European Union and approval from Beam shareholders. The spirits firm's stockholders are due to vote on the deal at a special meeting on March 25. 

Beam is also facing legal action from shareholders over the deal, first announced in January, involving allegations of misconduct in its handling of the process. 

The company denies all the claims.  

Beam's CEO is in line to make US$40m from stock options and bonuses if the proposed takeover goes ahead, the company revealed in a filing this week