InBev strikes back in Anheuser-Busch takeover bid

07 July 2008 18:41  [Source: ICIS news]

HOUSTON (ICIS news)--InBev stepped up its efforts to buy Anheuser-Busch, announcing on Monday it would seek to remove all of the American brewer’s board of directors.

The potential transaction is of interest to the polyethylene terephthalate (PET) market since InBev tends to use more of the plastic in its bottles than Anheuser-Busch, and could represent increased demand on the US market should the takeover succeed, sources said.

InBev said it would recommend to shareholders an alternative board of 13 business leaders who supported the takeover. Anheuser-Busch rejected a $65/share (€42/share) buyout offer two weeks ago, prompting Monday’s response.

Belgium-based InBev used PET in 8.9% of its beer bottles in 2006. In the US, however, beer and other alcoholic drinks are normally packaged in glass bottles, except for safety reasons at large public events.

Share prices of Anheuser-Busch reached $62.35 on Monday in intraday trading on the New York Stock Exchange.

($1 = €0.64)

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By: David Rosen
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