AB InBev - Altria finally to reduce its stake
Altria announced to reduce its stake in AB InBev from approx. 10% to 8% through a secondary global offering. AB InBev will buy back some USD 200m or some 9% of the placement.We are pleased that Altria starts to take away the overhang. However, we would have preferred this at a later moment, allowing AB InBev to buy back a bigger part of the shares instead of 9%. In addition, Altria could return after the 180 days lock up. We maintain our Buy rating but given short term uncertainty we take AB InBev out of our preferred listAnheuser-Busch Inbev is engaged in the brewing of beer. Co. manages a portfolio of well over 200 brands that includes brands such as Budweiser, Stella Artois and Beck's; multi-country brands such as Leffe and Hoegaarden; and other brands such as Bud Light, Skol, Brahma, Quilmes, Michelob, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske and Jupiler. Co. also produces and distributes soft drinks, particularly in Latin America. Co.'s operations are organized along seven business segments: North America, Mexico, Latin America North, Latin America South, Europe, Asia Pacific and Global Export & Holding Companies.
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