InBev officials confirmed this morning (Monday) that the Belgian brewer has acquired Anheuser Busch in a deal that adds up to $52 billion dollars.
In a release, InBev officials say stockholders will each receive $70 per share in case. The combined company will be called Anheuser-Busch InBev. Current InBev CEO Carlos Brito will be the CEO of the new company. Current AB CEO and President August Busch IV will be on the new company’s board of directors. One other current or former director from the AB board will also sit on the new board.
InBev says it plans $1.5 billion in cost “synergies” by the year 2011. But officials do not outline what those cost-cutting measures will be. The release says St. Louis will be the headquarters for the North American region. All of AB’s U.S. breweries will remain open.
They hope to complete the takeover by the end of 2008, but it must be approved by officials in the U.S. and Europe.