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Peroni and Grolsch brands sold by AB InBev to Asahi | Peroni and Grolsch brands sold by AB InBev to Asahi |
(35 minutes later) | |
Brewing giant AB InBev has agreed to sell European lager brands Peroni and Grolsch to Japan's Asahi as part of its takeover of SAB Miller. | Brewing giant AB InBev has agreed to sell European lager brands Peroni and Grolsch to Japan's Asahi as part of its takeover of SAB Miller. |
The terms of the deal were not disclosed but Asahi had previously offered €2.25bn ($2.5bn; £1.8bn). | The terms of the deal were not disclosed but Asahi had previously offered €2.25bn ($2.5bn; £1.8bn). |
The group was put up for sale to allay competition concerns as a result of InBev's purchase of SAB Miller. | |
The brands, which also include London's Meantime brewery, were originally owned by SAB Miller. | The brands, which also include London's Meantime brewery, were originally owned by SAB Miller. |
SAB only bought Meantime last year, as part of an attempt to reap the benefits of the growing craft beer market in the UK. | |
In a statement, Asahi, which also owns the Super Dry brand, said: "This transaction will be completed concurrently with and subject to the completing of AB InBev's acquisition of SABMiller." | |
It added that it expected the deal to be completed in the second half of this year. | |
Asahi first signalled its interest back in February and, at the time, said that it had been looking to grow internationally, and that this deal would help the group "expand its growth platform in Europe and become a global player with a distinct position". | |
By selling the brands, AB Inbev had wanted to "proactively address" any potential regulatory issues in its takeover of SAB Miller, the largest takeover of a UK-based firm, as well as the fourth biggest in corporate history. | By selling the brands, AB Inbev had wanted to "proactively address" any potential regulatory issues in its takeover of SAB Miller, the largest takeover of a UK-based firm, as well as the fourth biggest in corporate history. |
The Budweiser brewer has also sold SABMiller's 58% stake in US joint venture MillerCoors to its main partner in the business, Molson Coors, for $12bn. |