Anheuser-Busch InBev NV, the brewer formed in a US$52-billion takeover last month, yesterday said its investors bought 99.58 percent of the 6.4 billion euros (US$8.3 billion) of new stock being sold to repay some of the deal's debt.
The shares were sold at the issue price of 6.45 euros, the Leuven, Belgium-based company said in an e-mailed statement. The remainder will be sold in a so-called accelerated institutional placement. Investors had been able to subscribe for eight new shares for every five they already own until Tuesday, Bloomberg News said.
InBev NV completed the purchase of Anheuser-Busch Cos last month, uniting the biggest European and American brewers and brands ranging from Stella Artois to Budweiser. The offering was revived after a month-long hiatus on November 24, as the company's controlling investors abandoned a plan to wait for markets to stabilize and a group of Belgian family shareholders decided to ante up extra cash.
The takeover incurred US$54.8 billion of debt, which consists of US$9.8 billion equity bridge financing, to be repaid with the stock sale announced yesterday, and another US$45 billion of loans. Analysts and press reports have speculated InBev may sell assets such as the Beck's brand and Anheuser's packaging unit to whittle the debt down as economies and beer demand slow.
Anheuser-Busch InBev shares sank below 10 euros, a five-year low, after the rights offering was revived. They've since recovered to 14.68 euros at Wednesday's close and added 16 percent this week.
European firms have raised more than US$96 billion selling stock in rights offers this year, the most ever, data compiled by Bloomberg show.
(Shanghai Daily December 12, 2008)
