Food Industry
Industry: Email Alert RSS FeedMiller, SAB merger complete. (Industry Watch).(Miller Brewing Co., South African Breweries PLC)(Brief Article)(Statistical Data Included)
Stagnito's New Products Magazine, July, 2002
Philip Morris Cos. Inc. announced that the transaction to merge Miller Brewing Co. into South African Breweries plc, forming the world's second-largest brewer, SABMiller plc, has closed. Philip Morris Cos. Inc. received 430,000,000 shares in SABMiller plc valued at $3.38 billion.
The transaction, with an implied value of approximately $5.6 billion, including $3.6 billion in stock and $2 billion in Miller Brewing Co. debt, closed after customary regulatory review and South African Breweries shareholder approval. Upon closing, South African Breweries is now SABMiller plc.
The assumption of Miller Brewing Co.'s debt will result in cash flow of approximately $1.7 billion for Philip Morris Cos. Inc., which will be used to accelerate its share repurchase...
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