Business Services Industry
Milwaukee Journal Sentinel Avrum D. Lank Column.
Knight Ridder/Tribune Business News, June, 2002
By Avrum D. Lank, Milwaukee Journal Sentinel Knight Ridder/Tribune Business News
Jun. 2--South African Breweries certainly can afford to buy Miller Brewing -- it is putting no cash into the deal.
To land a major foothold in the rich North American beer market and ownership of Miller, a company that throws off millions of dollars of cash every month, SAB merely has to issue 430 million new shares.
True, Miller will come in a leveraged state, holding $2 billion in freshly minted debt.
But carrying that loan, and paying dividends on the new stock, should be no harder for SAB than tapping into a new keg.
The shares are expected to pay dividends of slightly more than $100 million a year to Philip Morris Inc., Miller's former...
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