Anheuser-Busch InBev SA/NV agreed on June 29 to pay $20.1 billion in cash for the 50 percent of Mexican brewer Grupo Modelo S.A.B. de C.V. that AB InBev doesn’t already own. The buyer is offering $9.15 a share in cash for Modelo, a 30 percent premium to the target’s closing price on June 22, the last trading day before news of the talks broke.
AB InBev acquired the stake in the 2008 takeover of Anheuser-Busch Companies Inc. by InBev NV/SA that created AB InBev. Anheuser-Busch bought the stake in the early 1990s. Modelo makes Corona Extra, Modelo Especial, Negra Modelo, and Pacifico, while AB InBev produces Budweiser, Stella Artois, and Beck’s. AB InBev and Modelo hope to close the deal in the first quarter of 2013 pending approvals from regulators and Modelo shareholders.
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