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Article: South African Breweries buying Miller Brewing for dlrs 3.6 billion
- Article from:
- AP Worldstream
- Article date:
- May 30, 2002
- Author:
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Dateline: LONDON
South African Breweries PLC has agreed to buy Miller Brewing Co. of
the United States in a dlrs 3.6 billion stock deal that would make
it the world's second-largest brewer, the London-based company announced
Thursday.
The new company will be called SABMiller PLC and compete in the U.S.
market with Anheuser-Busch Cos., the world's No. 1 beer business.
SAB also agreed to assume dlrs 2 billion in Miller debt, boosting
the acquisition's total value to dlrs 5.6 billion. Miller's parent
company, Philip Morris Cos. of New York, would keep a 36 percent stake
in SABMiller, which it intends to hold long term.
The Miller buyout marks a major step in SAB's ...