Belgium: AB InBev to name Modelo’s vice chairman and vice president to its board - report

World’s largest brewer AB InBev, which agreed to buy the remaining 50 percent of Grupo Modelo SAB for $20.1 billion on June, 29, will name Modelo’s vice chairman and vice president to its board, a person with knowledge of the situation was quoted as saying by Bloomberg.

AB InBev will appoint Maria Asuncion Aramburuzabala and Valentin Diez Morodo, said the person, who did not wish to be named because the news has not yet been publicly announced. Aramburuzabala and Diez Morodo are on the board of Mexico-city based Modelo.

Two new AB InBev board members have committed to invest $1.5 billion of the proceeds from selling their Modelo shares into AB InBev shares, which will be delivered within five years via a deferred share instrument, according to a statement from AB InBev and Modelo on June, 29.

AB InBev, based in Leuven, Belgium, gained a 50 percent non-controlling stake in Modelo, the maker of Corona, in InBev NV’s $52 billion takeover of Anheuser-Busch Cos. in 2008. The brewing giant announced on June, 29 it agreed to buy the rest of the Mexican brewer.

06 July, 2012