The new CEO of InterbrewAmBev has defended the merger against criticisms that the deal is overly complicated and clouds control. Interbrew and AmBev agreed on March 3 to combine their businesses in a ˆ9.2 billion stock and
debt swap.

Appearing with AmBev co-chairman Marcel Herrmann Telles yesterday, Brocksaid that the new company “would be a truly organised brewer that will play in Europe, Asia and the Americas.”

When asked how Interbrew’s majority stake in AmBev could allow his company to claim the deal as a true merger with joint control, Brock proceeded to hold up four fingers on each hand and say: “From a pure voting standpoint, it’s equal control.” The new 14-member board for the joint company will have four managers from each side. The remaining six members will be independent.

Brock also added that further acquisitions were possible. “InterbrewAmBev will look carefully at the rest of the world,” he said.

05 March, 2004