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Delta expects no changes as parent firm SABMiller is taken over

06/10/2016 00:00:00
by Source.co.zw
 
 
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HARARE: Delta Corporation says it expects no changes to its relationship with its new shareholders after regulators approved principal owner, SABMiller’s takeover by Belgium-based brewer, AB InBev.

SABMiller owns 38 percent of the Zimbabwe associate, but it’s shareholders approved the takeover by Anheuser-Busch InBev in September last year for $104 billion in one of the largest corporate deals in history.

AB InBev is already the world’s biggest brewer with SABMiller as its closest rival. Delta on Thursday said the transaction will be completed by next Monday, October 10 after various regulators approved the takeover.

The new entity will go by the name Anheuser-Busch InBev SA/NV, will be headquartered in Leuven, Belgium and be listed on the Euronet Brussels, Johannesburg and Mexico stock exchanges.

“Delta Corporation has been an associate of SABMiller and will become an associate of the new enlarged entity.

"We do not anticipate any material changes to the current relationship between Delta and the combined group following the completion of AB InBev’s recommended combination with SABMiIler,” said Delta in a statement.

The deal gives AB InBev a footprint in Zimbabwe and expands its reach into the rest of Africa, which is expected to see a sharp increase in the legal drinking age population as well as increased beer consumption among its fast-growing middle class.

Locally, Delta comprises of the wholly owned Kwekwe Maltings, Schweppes Zimbabwe and Food and Industrial Processors in which it holds a 49 percent shareholding as well as African Distillers (31 percent) and Nampak Zimbabwe (21,4 percent).

It is the largest company on the Zimbabwe Stock Exchange, with a market valuation of $746,59 million, more than a quarter of the total ZSE valuation. Its shares closed unchanged at 60 cents on Wednesday after trades valued at $470,800.



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