Budweiser plans $1bn cost savings

Business News IN BRIEF

*Anheuser-Busch plans to cut $1bn in costs and improve earnings as it tries to convince investors that InBev's $46.3bn offer for the Budweiser brewer was too low. The plan includes cutting up to 1,290 jobs - 10 per cent of its workforce - through early retirement and attrition, speeding up price hikes to cope with rising commodity costs, and setting earnings forecasts that exceed Wall Street's expectations. It also plans to repurchase a total of $7bn in shares this year and next.

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