South Africa: AB InBev to sell SABMiller’s stake in Distell to state-owned pension fund

Anheuser-Busch InBev will sell its stake in South Africa's Distell Group to state-owned pension fund Public Investment Corp, it said on December 15, as agreed during its takeover of SABMiller.

South Africa’s Competition Commission made the disposal a condition of the $100 billion takeover.

The 26.4 percent stake in Stellenbosch-based Distell, which makes wine, spirits and ciders, is worth roughly 9 billion rand ($645 million) based on its closing price on December 14.

Distell’s other large shareholders, Remgro Ltd and Capevin Holdings Ltd, had pre-emptive rights in relation to the stake, but AB InBev said they confirmed they would not exercise them.

Distell shares were flat in Johannesburg at 0800 GMT.

16 December, 2016