AB InBev Offer for SABMiller Hasn’t Yet Resolved PIC Concerns

Done Deal: AB InBev Buys SABMiller for $107B

SABMiller Plc’s fourth-largest shareholder, the Public Investment Corp., said the formal offer made by Anheuser-Busch InBev NV doesn’t address the money manager’s concerns about the timing of a listing on the Johannesburg Stock Exchange and the impact on the South African economy.

“We are not comfortable with this deal and will voice our concerns,” PIC Chief Executive Officer Dan Matjila said in a phone interview on Thursday. “We hope to meet with AB InBev management in the coming weeks. We hope to discuss how to ensure SABMiller continues to contribute to the economy.”

AB InBev made a formal $107 billion offer for SABMiller on Wednesday, sealing a long-anticipated deal that combines the world’s biggest brewers into a company controlling about half the industry’s profit. The PIC, based in Pretoria and owned by the South African government, owns about 3.1 percent of SABMiller, according to data compiled by Bloomberg.

“How will the new company stimulate the value chain and capitalize agriculture on a larger scale?” Matjila said. While AB InBev has confirmed the new company would retain SABMiller’s listing on the JSE, the timing still needs to be worked out, he said.

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