Asahi Goes Down Under but Deal Looks Marginally Better for AB InBev
Asahi is to acquire Carlton & United Brewers for JPY 1.2 trillion ($11.3 billion) from AB InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies.From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We believe Asahi i...
Asahi Group Holdings is a holding company. Co. and its subsidiaries are engaged in the manufacture and sale of alcoholic beverages, including beer, low-malt beer (happoshu), distilled spirits (shochu), wines and whiskey, as well as soft drinks and chilled beverages in its soft drinks business, along with baby foods, supplements and other products in the food business. Co.'s principal brands include "Asahi Super Dry," "Asahi Super Dry Back," "Asahi Dry Premium," "Asahi Style Free," "Asahi Dry Zero," "Clear Asahi," "Kanoka," "Black Nikka," "WONDA," "Mitsuya Cider" and "Calpis." Co. is also engaged in the manufacture and sale of beer and other alcohol products, and soft drinks in overseas.
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