AB InBev explained

Anheuser-Busch InBev SA/NV
Type:Public (Société anonyme/Naamloze vennootschap)
Isin:BE0974293251 (old BE0003793107)
Foundation:,
through InBev acquiring Anheuser-Busch
Hq Location City:Leuven
Hq Location Country:Belgium
Area Served:Worldwide
Industry:Drink industry
Products:Alcoholic beverages: beer and soft drinks
Revenue Year:2023
Operating Income: US$13.97 billion
Income Year:2023
Net Income: US$6.891 billion
Net Income Year:2023
Assets: US$219.3 billion
Assets Year:2023
Equity: US$81.85 billion
Equity Year:2023
Num Employees:154,540
Num Employees Year:2023
Footnotes:[1]

Anheuser-Busch InBev SA/NV, commonly known as AB InBev,[2] [3] is a Belgian-Brazilian multinational drink and brewing company based in Leuven, Belgium[4] [5] [6] and is the largest brewer in the world.[7] In 2023, the company was ranked 72nd in the Forbes Global 2000.[8] Additionally, AB InBev has a global functional management office in New York City, and regional headquarters in São Paulo, London, St. Louis, Mexico City, Bremen, Johannesburg, and others.[9] It has approximately 630 beer brands in 150 countries.[10]

AB InBev was formed through InBev acquiring the American company Anheuser-Busch.[11] Anheuser-Busch InBev SA/NV is a publicly listed company, with its primary listing on the Euronext Brussels. It has secondary listings on Mexico City Stock Exchange, Johannesburg Stock Exchange, and New York Stock Exchange.[12]

History

Formation

Interbrew

See main article: Interbrew. Interbrew was formed in 1987 from a merger of the two largest breweries in Belgium: Artois and Piedboeuf. The Artois brewery, previously known as Den Hoorn, was established by 1366. And, the Piedboeuf brewery established by 1812.

Interbrew then acquired a number of local breweries in Belgium. By 1991, the second phase of targeted external growth began outside Belgium. The first transaction in this phase took place in Hungary, followed in 1995 by the acquisition of Labatt Brewing Company (founded 1847), the largest brewer in Canada, and then in 1999 by a joint venture with Sun in Russia.

In 2000, Interbrew acquired Bass and Whitbread in the UK.[13] They then acquired a number of German breweries: Diebels[14] and Beck's & Co. (founded 1873, the maker of the world's top selling German beer) in 2001,[15] the Gilde Group in 2002,[16] and Spaten in 2003.

In 2002 Interbrew also acquired stakes in the K.K. Brewery and the Zhujiang Brewery, strengthening its position in China.

Interbrew operated as a family-owned business until December 2000. At this point it organized an initial public offering, becoming a publicly owned company trading on the Euronext stock exchange (Brussels, Belgium).

AmBev

See main article: AmBev.

AmBev (short for America Beverages, formally Companhia de Bebidas das Américas, Portuguese for "Beverages Company of the Americas") is a Brazilian beverages company formed in 1999 with the merger of the two biggest Brazilian brewers, Antarctica (founded in 1880) and Brahma (founded in 1886). The organization's headquarters are in São Paulo, Brazil. As an independent operator it's the largest beer company by market capitalization in Brazil and in the Southern hemisphere.

Ambev operates in 18 countries in the Americas[17] and its products include beers such as Antarctica, Bogotá Beer Company, Brahma, Bohemia, Stella Artois and soft drinks like Guaraná Antarctica, Soda Antarctica, Sukita and the innovations H2OH! and Guarah.

The subsidiary is listed on B3, the São Paulo stock exchange, and on the New York Stock Exchange.

InBev

See main article: InBev.

In 2004, Interbrew and AmBev merged, creating InBev.[18]

While its core business is beer, the company also had a strong presence in the soft drink market in Latin America. It employed about 86,000 people and was headquartered in Leuven, Belgium, where Anheuser-Busch InBev is based.

InBev employed close to 89,000 people, running operations in over 30 countries across the Americas, Europe and Asia Pacific. In 2007, InBev realized 14.4 billion euro of revenue.

In 2006 InBev increased to 91% its share of Cerveza Quilmes, the largest beer manufacturer in Argentina.[19]

In 2007 InBev bought Lakeport Brewing Company, the largest discount brewer in Canada.[20]

The Interbrew and AmBev merger was valued at $11.5 billion, and consolidated the top brands from Belgium, Canada, Germany and Brazil.[21]

The merger combined the third largest brewing company in the world (Interbrew) and fifth largest (Ambev) into the world's No.1 beermaker. Before the merger, Heineken International was in fourth place, SABMiller was in second place, and Anheuser-Busch had been the largest.

Anheuser-Busch InBev

See main article: Anheuser-Busch.

In 2008, InBev acquired Anheuser-Busch, creating Anheuser-Busch InBev (AB InBev), expanding on InBev's previous status as the world's largest brewer, creating one of the top five consumer products companies in the world. Under the terms of the merger agreement, all shares of Anheuser-Busch were acquired for US$70 per share in cash, for an aggregate of US$52 billion.[22]

Anheuser-Busch was established in 1852 in St. Louis, Missouri, US as Anheuser & Co. It is the largest brewing company in the United States and employs over 30,000 people. It was the world's largest brewing company based on revenue, but third in brewing volume, before the acquisition by InBev announced 13 July 2008. The division operated 12 breweries in the United States and 17 others overseas.

Anheuser-Busch's best-known beers included brands such as Budweiser, the Busch (originally known as Busch Bavarian Beer) and Michelob families, and Natural Light and Ice. The company also produced a number of smaller-volume and specialty beers, nonalcoholic brews like Budweiser Prohibition which made its first appearance in Canadian markets in 2016,[23] malt liquors (King Cobra and the Hurricane family), and flavored malt beverages (e.g., Tequiza).

Acquisitions / Sales

Theme Parks

Anheuser-Busch had been one of the largest theme park operators in the United States with ten parks throughout the United States. In October 2009, AB InBev announced the sale of its Busch Entertainment theme park division to The Blackstone Group for $2.7 billion. The company had been investigating a sale of Busch Entertainment since the merger with AB InBev.[24] [25]

Cervecería Nacional Dominicana

In 2012, AB InBev bought a 51% stake of Cervecería Nacional Dominicana, a beer producer in the Dominican Republic which was the largest in the Antilles and Central America.[26]

Grupo Modelo

In 2013 the company bought Grupo Modelo, Mexico's leading brewer and owner of the Corona brand. This transaction was valued at US$20.1 billion. To satisfy US anti-trust demands, on 7 June 2013 AB InBev sold its Grupo Modelo’s US business, including Grupo Modelo’s brand naming rights and one of the breweries in Piedras Negras in Mexico, for approx. US$4.75 billion to Constellation Brands, a competitor of AB Inbev in some beverage sectors.[27]

Oriental Brewery

On 1 April 2014, AB Inbev completed the re-acquisition of the Oriental Brewery (OB), which it had sold in July 2009. OB is the largest brewer in South Korea. Its CASS brand is the best-selling beer in South Korea. All beers produced by OB are brewed using rice.[28]

Bud Analytics Lab

In 2013, AB InBev opened its Bud Analytics Lab in Research Park, University of Illinois at Urbana-Champaign, which develops data research and innovation to solve problems ranging from assortment optimization, social media, and market trends to large scale data initiatives.[29]

SABMiller

See main article: SABMiller.

On 13 October 2015, Anheuser-Busch InBev made a bid of £70 billion, (US$107 billion when the deal closed), or £44 per share, for its largest rival, the South African company SABMiller, which if approved would give the company a third of the global market share for beer sales and a half of the global profit.[30] [31] The company had previously offered £38, £40, £42.15, £43.50 per share respectively, but each of these had been turned down.[32] [33] [34]

SABMiller accepted the bid in principle, but consummation of the deal required antitrust approval by regulatory agencies.[35] In 2015, the U.S. Department of Justice (DOJ) had agreed to the deal only on the basis that SABMiller "spins off all its MillerCoors holdings in the U.S.—which include both Miller- and Coors-held brands—along with its Miller brands outside the U.S." The entire ownership situation was complicated: "In the United States, Coors is majority-owned by MillerCoors (a subsidiary of SABMiller) and minority-owned by Molson Coors, though internationally it's entirely owned by Molson Coors, and Miller is owned by SABMiller."[36]

The merger (AB InBev acquisition of SABMiller), closed on 10 October 2016. The new company is called Anheuser-Busch InBev SA/NV (AB InBev), based in Leuven, Belgium and listed on Euronext (Euronext: ABI), with secondary listings on the Mexico (MEXBOL: ABI) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD).[37]

SABMiller ceased trading on global stock markets and divested itself of its interests in the MillerCoors beer company to Molson Coors.[38] [39]

The new AB InBev entity is the world's largest beer company. Estimated annual sales are US$55 billion and the company will have an estimated global market share of 28 percent, according to Euromonitor International.[40]

As per the agreement with the regulators, the former SABMiller sold to Molson Coors full ownership of the Miller brand portfolio outside of the U.S. and Puerto Rico for US$12 billion. Molson Coors also retained "the rights to all of the brands currently in the MillerCoors portfolio for the U.S. and Puerto Rico, including Redd's and import brands such as Peroni, Grolsch and Pilsner Urquell." The agreement made Molson Coors the world's third-largest brewer.[41]

In Canada, Molson Coors regained the right to make and market Miller Genuine Draft and Miller Lite from the former SABMiller.[42] After the formation of Anheuser Busch Inbev SA/NV (AB InBev), the Company owned 630 beer brands including Budweiser and Bud Light, Corona, Stella Artois, Beck's, Leffe, Hoegaarden, Quilmes, Victoria, Modelo Especial, Michelob Ultra, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske, Cass and Jupiler until some were spun off. Anheuser Busch Company also owns a soft drinks business that has bottling contracts with PepsiCo through its subsidiary, Ambev.[43] In December 2016, Coca-Cola Co. bought many of the former SABMiller's Coca-Cola operations, including those in Africa.[44] [45]

As part of the agreements made with regulators before Anheuser-Busch InBev was allowed to acquire SABMiller, the company sold the Peroni, Meantime and Grolsch brands to Asahi on 13 October 2016.[46] [47]

After acquiring SABMiller, Anheuser-Busch InBev SA/NV agreed on 21 December 2016 to sell the former SABMiller Ltd. business in Poland, the Czech Republic, Slovakia, Hungary and Romania to Asahi Breweries Group Holdings, Ltd. for US$7.8 billion. The deal includes popular brands such as Pilsner Urquell, Tyskie, Lech, Dreher and Ursus.[48] [49]

In August 2017, the company announced the formation of a 50–50 joint venture with Anadolu Efes, by merging both of their operations in Russia-with the entity to be known as AB InBev-Efes. AB InBev owns 24 percent of Anadolu Efes from its SABMiller acquisition, with the joint venture being consolidated in Anadolu Efes books, whilst being treated as an equity investment by AB InBev.[50]

Recent history

On 21 July 2017, Anheuser-Busch InBev continued its investment in the non-alcohol beverage sector with the purchase of energy drink company Hiball.[51]

In December 2018, Anheuser-Busch InBev partnered with cannabis producer Tilray to begin researching cannabis infused non-alcoholic beverages with Tilray subsidiary, High Park Company.[52]

At the end of 2019, total liabilities amounted to US$95.5 billion. Net debt to normalized EBITDA decreased to 4.0×. Goodwill reached US$128.114 billion, which compares with revenues of US$52.329 billion in 2019. For this deleveraging, the dividend for 2018 in EUR was cut in half compared with 2017.[53]

On 8 August 2023 Anheuser-Busch sold off several brands to Tilray. These included Blue Point Brewing Company, Breckenridge Brewery, Shock Top, Redhook Ale Brewery, Widmer Brothers Brewery, 10 Barrel Brewing Company, Square Mile Cider Company, and HiBall Energy.[54]

In November 2023, the company began a buyback of shares-it is planned to buy up to 20% of the issued share capital. The annual buyback program is up to $1 billion.[55]

Diagram

The following is a diagram of AB InBev's major mergers and acquisitions and historical predecessors.

Ownership

Anheuser-Busch InBev is controlled by Belgian families Vandamme, de Mévius and de Spoelberch, who as of 2015 owned a combined 28.6% of the company, and Brazilian investors Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles, who owned 22.7% through their private investment firm 3G Capital.[56] [57]

After the formation of Anheuser-Busch InBev SA/NV on 20 October 2016, the company was to be run by teams of "functional chiefs" and "zone presidents" who reported to AB InBev chief executive officer (CEO) Carlos Brito. All but one of those 19 positions are held by people who were already AB InBev executives before the acquisition of SABMiller.[58] [59] Effective July 2021, Brito stepped down as the CEO of AB InBev after 15 years. Michel Doukeris, previously CEO of North American business for Anheuser-Busch, succeeded him as CEO.[60]

Financial data

Financial data in $ billions[61] !Year!2013!2014!2015!2016!2017!2018!2019!2020!2021!2022!2023
Revenue43.19547.06343.60445.51756.44454.61952.32946.88154.30457.78659.380
Net income16.51811.3029.8672.7219.1555.6919.1711484.6705.9695.341
Assets141.666142.550134.635258.381246.126232.103236.648226.410217.627212.943219.340
Employees154,587154,029152,321206,633182,915175,000170,000163,695154,540

Controversies

2015 US Justice Department investigation

In October 2015, the company was investigated by the US Justice Department for buying beer distributors and preventing them from selling the beers of its competitors.[62]

2016 bribery

In September 2016, it was reported that AB InBev had paid a $6 million fine to the U.S. Securities and Exchange Commission for violations of bribery laws under the Foreign Corrupt Practices Act and for silencing a whistleblower.[63]

2017 anti-competitive practices

In May 2017, the company was criticized for reportedly engaging in anti-competitive practices after purchasing the entire supply of South African hops from SAB Hop Farms, as part of the SABMiller purchase, and making the hops unavailable to any US craft brewers.[64] Similar anti-competitive claims were also made in association with the company's purchase of Roseville, Minnesota-based Northern Brewer, the biggest homebrew-supply chain in the US, through AB Inbev's venture arm ZX Ventures.[64]

The following month, the company was further criticized for having purchased a stake in the beer rating website RateBeer, leading to concerns that the purchase was a conflict of interest.[65]

2017 Casa Mia

In July 2017, the company terminated its contract with "Casa Mia" pizzeria in Munich after the politician Ernst Dill tried to persuade the owner to ban Pegida supporters amongst his guests. The year before Anheuser-Busch InBev already bound the owner of "Casa Mia" by contract to interpose at any sign of political activities.[66] A company spokesperson said that the contract termination was not politically motivated.[67]

2018 Major League Baseball and NBA advertising

In autumn 2018, AB InBev completed deals with Major League Baseball and the NBA which will allow them to use athletes' names and images when advertising. This is the first time in 60 years players will be seen in beer ads. These ads will promote safe drinking.[68]

2019 false advertising lawsuit

On 21 March 2019, AB InBev subsidiary Anheuser-Busch was sued for false advertising by rival MillerCoors over a Bud Light commercial that aired during the 2019 Super Bowl.[69] The commercial claimed MillerCoors' Miller Lite and Coors Light products contain corn syrup, but the lawsuit argues that corn syrup is only used during the brewing process as a fermentation aid and neither beer contains corn syrup. The suit alleges that Anheuser-Busch is using "false and misleading statements" to confuse health-conscious consumers into thinking the beers contain high-fructose corn syrup, which has been linked with obesity.[70] An Anheuser-Busch spokesperson called the lawsuit "baseless" and said it would not deter Bud Light from "providing consumers with the transparency they demand."[71] MillerCoors is seeking an injunction to prevent Bud Light from continuing the ad campaign, as well as a trial by jury and legal fees.

2023 Dylan Mulvaney boycott

See main article: 2023 Bud Light boycott.

Since April 2023, AB InBev subsidiary Anheuser-Busch's Bud Light has faced an ongoing boycott from conservatives in the United States after partnering with transgender influencer and activist Dylan Mulvaney.[72] [73] This has resulted in an ongoing major backlash and a boycott by the American right.[74] Anheuser-Busch CEO Brendan Whitworth attempted to walk back the partnership by saying, "We never intended to be part of a discussion that divides people. We are in the business of bringing people together over a beer."[75] [76] During the initial stage of the boycott, Anheuser-Busch issued a statement that marketing executive Alissa Heinerscheid had taken a leave of absence and would be replaced with their Vice President of Global Marketing, Todd Allen.[77] A second executive, Daniel Blake, who was Heinerscheid's supervisor, was also placed on leave. An Anheuser-Busch spokesperson told The Wall Street Journal “Given the circumstances, Alissa has decided to take a leave of absence which we support. Daniel has also decided to take a leave of absence.”[78] [79]

On 10 May 2023, HSBC downgraded Anheuser-Busch InBev stock as it dealt with a 'Bud Light crisis'.[80] Analysts at HSBC cited “deeper problems than ABI admits” after a recent partnership with the transgender influencer Dylan Mulvaney resulted in a wave of backlash and a boycott. The analyst cited a Beer Marketer’s Insights note that showed a steep drop in beer sales 'of maybe more than 25%' in April.[80]

2023 PwC tax breach

In May 2023, AB InBev was named in Australia as one of three companies, along with Glencore and JBS, that used confidential tax information provided by PwC’s then head of international tax Peter Collins, which he obtained after consultations with treasury. It was alleged that these companies acted on this information and restructured their operations to take advantage of new Multinational Anti-Avoidance Law (MAAL) introduced in 2016.[81] [82] [83]

See also

Notes and References

  1. Web site: 2023 Annual Report (Form 20-F) . 11 March 2024 . US Securities and Exchange Commission.
  2. News: Anheuser-Busch InBev Aims Its Tax-Trimming Skills at SABMiller . The New York Times . 20 October 2015 . Kanter . James . 8 August 2022 . 21 September 2022 . https://web.archive.org/web/20220921084309/https://www.nytimes.com/2015/10/20/business/international/anheuser-busch-a-b-inbev-sabmiller.html . live .
  3. News: AB InBev Among 39 Firms Targeted as EU Probes Belgian Taxes . Bloomberg.com . 16 September 2019 . 21 November 2022 . 17 April 2023 . https://web.archive.org/web/20230417233931/https://www.bloomberg.com/news/articles/2019-09-16/ab-inbev-among-39-firms-targeted-by-new-eu-probe-on-belgian-tax . live .
  4. Web site: Anheuser-Busch Inbev SA, ABI:BRU summary - FT.com . Markets.ft.com . 2021-10-13 . 2022-08-07 . 19 September 2019 . https://web.archive.org/web/20190919005742/https://markets.ft.com/data/equities/tearsheet/summary?s=ABI:BRU . live .
  5. Web site: Anheuser Busch Inbev NV (BUD) Profile . Reuters Finance . 15 July 2018 . 15 July 2018 . 15 July 2018 . https://web.archive.org/web/20180715181613/https://www.reuters.com/finance/stocks/company-profile/BUD . live .
  6. Web site: Anheuser Busch Inbev NV (BUD) Profile . CNN Money . 15 July 2018 . 15 July 2018 . 15 July 2018 . https://web.archive.org/web/20180715183246/https://money.cnn.com/quote/profile/profile.html?symb=BUD . live .
  7. Web site: GRIBBINS . Keith . The 40 biggest breweries in the world in 2021 . Craft Brewing Business . 13 June 2022 . 20 June 2023 . 20 June 2023 . https://web.archive.org/web/20230620122403/https://www.craftbrewingbusiness.com/business-marketing/the-40-biggest-breweries-in-the-world-in-2021/ . live .
  8. Web site: en. The Global 2000 2023. Forbes. 2024-02-07. 2024-01-29. https://web.archive.org/web/20240129031905/https://www.forbes.com/lists/global2000/?sh=4f5ab07e5ac0.
  9. Web site: The AB InBev World . 2 October 2018 . 22 October 2018 . https://web.archive.org/web/20181022105114/http://www.ab-inbev.com/our-locations.html . live .
  10. https://www.ab-inbev.com/investors/annual-reports.html Annual Report 2020.
  11. News: InBev to buy Anheuser-Busch for $52 billion . The New York Times . 14 July 2008 . 28 October 2018 . 28 October 2018 . https://web.archive.org/web/20181028190245/https://www.nytimes.com/2008/07/14/business/worldbusiness/14iht-14beer.14460585.html . live .
  12. Web site: Listings. www.ab-inbev.com. 20 March 2017. 20 March 2017. https://web.archive.org/web/20170320040244/http://www.ab-inbev.com/investors/share-information/listings.html. live.
  13. News: Carreyrou . John . BeckStaff . Ernest . 15 June 2000 . Interbrew to Buy Bass Operations, Creating the World's No. 2 Brewer . en-US . Wall Street Journal . live . 7 August 2020 . https://web.archive.org/web/20201203115943/https://www.wsj.com/articles/SB960982909300652138 . 3 December 2020 . 0099-9660.
  14. News: Bilefsky . Dan . 30 July 2001 . Interbrew Takes 80% Stake in Diebels, Breaking Into Germany's Beer Market . en-US . Wall Street Journal . live . 7 August 2020 . https://web.archive.org/web/20220510113704/https://www.wsj.com/articles/SB996429567508615643 . 10 May 2022 . 0099-9660.
  15. News: Bilefsky . Dan . 7 August 2001 . Interbrew to Buy Beck's Brewer In Bid to Dominate Beer Market . en-US . Wall Street Journal . live . 7 August 2020 . https://web.archive.org/web/20220510113704/https://www.wsj.com/articles/SB997086207628157751 . 10 May 2022 . 0099-9660.
  16. Web site: 18 November 2002 . Interbrew extends German presence with Gilde acquisition . live . https://web.archive.org/web/20200922074945/https://www.beveragedaily.com/Article/2002/11/18/Interbrew-extends-German-presence-with-Gilde-acquisition . 22 September 2020 . 7 August 2020 . Beverage Daily . en-GB.
  17. Web site: Where we operate . June 16, 2022 . Ambev IR . 9 November 2022 . https://web.archive.org/web/20221109215518/https://ri.ambev.com.br/wp-content/themes/mziq_ambev_ri/mapa-interativo/index_en.html . live .
  18. Web site: 3 March 2004 . Interbrew buys AmBev and becomes world's number one . live . https://web.archive.org/web/20080213164030/http://www.beveragedaily.com/news/ng.asp?id=50355-interbrew-buys-ambev . 13 February 2008 . 9 February 2008 . Beverage Daily.
  19. https://www.clarin.com/ediciones-anteriores/cerveza-quilmes-paso-totalmente-manos-brasilenas_0_S1N-CUSk0Yx.html La cerveza Quilmes ya pasó a estar totalmente en manos brasileñas
  20. News: Keith McArther . Labatt to swallow Lakeport . The Globe and Mail . Toronto . 2007-02-01.
  21. Web site: Carlos Brito: (Brew)master of the universe . live . https://web.archive.org/web/20150402191353/http://fortune.com/2013/08/15/carlos-brito-brewmaster-of-the-universe/ . 2 April 2015 . 2 April 2015 . Fortune.
  22. Web site: Home . live . https://web.archive.org/web/20151202082700/http://www.ab-inbev.com/ . 2 December 2015 . 19 November 2008 . ab-inbev.com.
  23. Web site: Taylor . Kate . Budweiser is launching a new beer that's missing the one thing that consumers love . live . https://web.archive.org/web/20190110234952/https://www.businessinsider.com/budweiser-debuts-new-non-alcoholic-beer-2016-5 . 10 January 2019 . 10 January 2019 . Business Insider.
  24. http://www.marketwatch.com/story/blackstone-buys-a-b-inbevs-theme-parks-for-27b-2009-10-07 Blackstone to buy A-B InBev's theme parks for $2.7 billion
  25. https://www.boston.com/business/articles/2008/07/16/inbev_may_sell_us_theme_parks/ InBev may sell US theme parks
  26. News: 16 April 2012 . AmBev to buy control of Dominican brewer CND . reuters.com . live . 8 May 2012 . https://web.archive.org/web/20120429064929/http://www.reuters.com/article/2012/04/16/abinbev-idUSL6E8FG9DZ20120416 . 29 April 2012.
  27. Web site: Financial Report 2014 . live . https://web.archive.org/web/20150420171510/http://www.ab-inbev.com/content/dam/universaltemplate/abinbev/pdf/investors/annual-and-hy-reports/2014/AB_InBev_AR14_EN_financial.pdf . 20 April 2015 . 20 May 2015 . Anheuser-Busch InBev.
  28. Web site: Global Press Release Archive . live . https://web.archive.org/web/20140523010630/http://www.ab-inbev.com/press_releases/hugin_pdf%5C604218.pdf . 23 May 2014 . 22 May 2014 . AB-InBev.
  29. 9 September 2013 . A-B InBev goes back to school with data lab . live . Advertising Age . 84 . 31 . 5 . https://web.archive.org/web/20230417233942/https://search.ebscohost.com/login.aspx?direct=true&db=ulh&AN=90234081&site=ehost-live&scope=site . 17 April 2023 . 21 October 2017 . EBSCOhost.
  30. News: 13 October 2015 . Beer giants AB InBev and SABMiller agree takeover terms . BBC News . live . 21 June 2018 . https://web.archive.org/web/20180820050708/https://www.bbc.co.uk/news/business-34513520 . 20 August 2018.
  31. News: The beerhemoth . . live . 20 October 2015 . https://web.archive.org/web/20151019041940/http://www.economist.com/news/business/21674381-sabmiller-ab-inbevs-toughest-takeover-yet-it-may-not-be-its-last-beerhemoth . 19 October 2015 . 0013-0613.
  32. News: 12 October 2015 . AB InBev makes higher offer for SABMiller . BBC News . live . 21 June 2018 . https://web.archive.org/web/20181102062527/https://www.bbc.co.uk/news/business-34505589 . 2 November 2018.
  33. Web site: 12 October 2015 . AB InBev Lifts SABMiller Takeover Proposal to $103.6 Billion . live . https://web.archive.org/web/20160828122751/http://www.bloomberg.com/news/articles/2015-10-12/ab-inbev-raises-sabmiller-takeover-proposal-to-103-6-billion . 28 August 2016 . 5 March 2017 . Bloomberg News.
  34. Web site: 7 October 2015 . AB InBev makes $104 billion bid for rival brewer SABMiller . live . https://web.archive.org/web/20210615173932/https://www.reuters.com/article/us-sabmiller-m-a-ab-inbev-idUSKCN0S10FD20151007 . 15 June 2021 . 6 July 2021 . Reuters.
  35. News: 25 May 2016 . European Regulators Approve Anheuser-Busch InBev-SABMiller Merger . New York Times . live . 25 May 2016 . https://web.archive.org/web/20160529003234/http://www.nytimes.com/2016/05/25/business/dealbook/european-regulators-approve-anheuser-busch-inbev-sabmiller-merger.html?_r=0 . 29 May 2016.
  36. Web site: Nurin . Tara . 20 July 2016 . DOJ Approves Largest Beer Merger In Global History, With Significant Conditions . live . https://web.archive.org/web/20170126232302/http://www.forbes.com/sites/taranurin/2016/07/20/doj-approves-largest-beer-merger-in-global-history/#1c050c1a21ab . 26 January 2017 . 29 January 2017 . Forbes.
  37. Web site: 22 March 2017 . AB INBEV . live . https://web.archive.org/web/20171231051637/https://www.euronext.com/en/products/equities/BE0974293251-XBRU . 31 December 2017 . 22 March 2017 . EURONEXT . ABI on Brussels Stock Exchange.
  38. Web site: Dill . Molly . 10 October 2016 . Anheuser-Busch to complete acquisition of SABMiller today . live . https://web.archive.org/web/20170202114819/https://www.biztimes.com/2016/10/10/anheuser-busch-to-complete-acquisition-of-sabmiller-today/ . 2 February 2017 . 31 January 2017 . BizTimes . BizTimes Media LLC.
  39. Web site: Nurin . Tara . 10 October 2016 . It's Final: AB InBev Closes on Deal to Buy SABMiller . live . https://web.archive.org/web/20170203010314/http://www.forbes.com/sites/taranurin/2016/10/10/its-final-ab-inbev-closes-on-deal-to-buy-sabmiller/#2e3a6d8f37d6 . 3 February 2017 . 1 February 2017 . Forbes . SABMiller ceased trading on global stock markets last week.
  40. News: Brown . Lisa . 11 October 2016 . A-B InBev finalizes $100B billion acquisition of SABMiller, creating world's largest beer company . Chicago Tribune . live . 29 January 2017 . https://web.archive.org/web/20191115132552/https://www.chicagotribune.com/business/ct-megabrew-ab-inbev-sabmiller-merger-20161010-story.html . 15 November 2019.
  41. Web site: . 11 October 2016 . Molson Coors Completes Acquisition of Full Ownership of MillerCoors and Global Miller Brand Portfolio . dead . https://web.archive.org/web/20170202043334/http://www.molsoncoors.com/en/news/molson-coors-completes-acquisition-of-millercoors-and-global-miller-brand-portfolio . 2 February 2017 . 29 January 2017 . Molson Coors . Becomes World's Third Largest Brewer by Enterprise Value and Strengthens Position in Highly Attractive U.S. Beer Market.
  42. News: Wright . Lisa . 11 November 2015 . Molson Coors doubles with $12B Miller buyout . . Toronto . live . 29 January 2017 . https://web.archive.org/web/20170202060154/https://www.thestar.com/business/2015/11/11/molson-coors-doubles-with-12b-miller-buyout.html . 2 February 2017.
  43. Web site: . 27 January 2017 . Stocks – Anheuser Busch Inbev NV (ABI.BR) . dead . https://web.archive.org/web/20150924170421/http://uk.reuters.com/business/quotes/overview?symbol=ABI.BR . 24 September 2015 . 1 February 2017 . Reuters Business . Thomson Reuters . ABI.BR on Brussels Stock Exchange.
  44. Web site: Jarvis . Paul . 21 December 2016 . Coca-Cola Buys AB InBev Out of Africa Unit for $3.2 Billion . live . https://web.archive.org/web/20170201113638/https://www.bloomberg.com/news/articles/2017-02-01/super-bowl-advertisers-avoid-presidential-elephant-in-the-room . 1 February 2017 . 1 February 2017 . Bloomberg News . Bloomberg . Coca-Cola Co. will pay $3.15 billion to buy Anheuser-Busch InBev NV out of an African bottling joint venture ... Coca-Cola also agreed to buy AB InBev's interest in bottling operations in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador and Honduras for an undisclosed sum..
  45. Web site: Trefis Team . 22 December 2016 . Here's How AB InBev Trimmed Business to Make Room for SABMiller . live . https://web.archive.org/web/20170206022219/https://www.trefis.com/stock/bud/articles/392438/heres-how-ab-inbev-trimmed-business-to-make-room-for-sabmiller/2016-12-22 . 6 February 2017 . 5 February 2017 . Trefis . Insight Guru Inc. . Recently, Coca-Cola also announced that it has agreed to buy AB InBev's stake in Coca-Cola Beverages Africa for $3.15 billion, a stake AB InBev got by virtue of acquiring SABMiller. While AB InBev has had to divest a lot of SABMiller's interests in the U.S., China, and Europe, this is consistent with the brewer's apparent strategy to go after growth in emerging markets, and in particular, Africa..
  46. Web site: Evison . James . 12 October 2016 . Asahi Completes acquisition of Miller Brands U.K. . live . https://web.archive.org/web/20170908203047/http://www.morningadvertiser.co.uk/Drinks/Beer/Asahi-compeletes-Peroni-Meantime-Grolsch-deal . 8 September 2017 . 3 February 2017 . Morning Advertiser . William Reed Business Media.
  47. Web site: 13 December 2016 . Asahi Completes acquisition of Miller Brands U.K. . live . https://web.archive.org/web/20170202002615/http://fortune.com/2016/12/13/asahi-ab-inbev-beer-deal/ . 2 February 2017 . 3 February 2017 . Fortune.
  48. Web site: . February 2017 . Asahi Group to buy InBev beer brands for $7.8bn . live . https://web.archive.org/web/20201214085717/https://www.financierworldwide.com/asahi-group-to-buy-inbev-beer-brands-for-78bn#.WJKu_VMrLX4 . 14 December 2020 . 1 February 2017 . Financier Worldwide.
  49. Web site: . 21 December 2016 . Anheuser-Busch InBev to Sell Former SABMiller's Central and Eastern European Business to Asahi . live . https://web.archive.org/web/20170117130839/https://www.bloomberg.com/news/articles/2016-12-21/coca-cola-to-buy-ab-inbev-stake-in-africa-unit-for-3-2-billion . 17 January 2017 . 1 February 2017 . Bloomberg News . Bloomberg.
  50. Web site: 9 August 2017 . AB InBev, Efes to merge Russian operations as sales slide . live . https://web.archive.org/web/20181215225020/https://uk.reuters.com/article/uk-ab-inbev-m-a-anado-efes-malt-idUKKBN1AP0LQ . 15 December 2018 . 12 December 2018 . Reuters.
  51. Web site: 21 July 2017 . AB InBev expands non-alcohol portfolio with Hiball acquisition . live . https://web.archive.org/web/20170807023137/http://www.foodbev.com/news/ab-inbev-expands-non-alcohol-portfolio-hiball-acquisition/ . 7 August 2017 . 6 August 2017 . FoodBev Media.
  52. News: 19 December 2018 . Brewer AB InBev partners with Tilray to tap cannabis drink market . en . Reuters . live . 10 January 2019 . https://web.archive.org/web/20190109133009/https://www.reuters.com/article/us-ab-inbev-tilray-beverages-idUSKCN1OI2M4 . 9 January 2019.
  53. Anheuser-Busch InBev reports fourth quarter and full year 2018 results . AB Inbev . 28 February 2019 . 9 March 2019 . 26 July 2020 . https://web.archive.org/web/20200726041333/https://www.ab-inbev.com/content/dam/universaltemplate/ab-inbev/investors/reports-and-filings/quaterly-reports/2019/FY18-Press-Release-Final-EN.pdf . live.
  54. Web site: Notheis . Asher . August 8, 2023 . Bud Light owner Anheuser-Busch to sell eight labels to cannabis company . 16 August 2023 . . 16 August 2023 . https://web.archive.org/web/20230816182556/https://www.washingtonexaminer.com/news/bud-light-owner-sell-eight-labels-cannabis-company . live .
  55. Web site: en. Anheuser-Busch InBev SA/NV commences an Equity Buyback for 20% of its issued share capital, under the authorization approved on April 28, 2021. MarketScreener. 21 November 2023 . 2024-02-27. 2024-02-28. https://web.archive.org/web/20240228024309/https://www.marketscreener.com/quote/stock/ANHEUSER-BUSCH-INBEV-SA-N-31571356/news/Anheuser-Busch-InBev-SA-NV-commences-an-Equity-Buyback-for-20-of-its-issued-share-capital-under-th-45425834/.
  56. Web site: 9 October 2015 . The Megabrew takeover – a tale of beers, billions and blue bloods . live . https://web.archive.org/web/20170504230653/https://www.theguardian.com/business/2015/oct/09/megabrew-takeover-beers-billions-blue-bloods-ab-inbev-sabmiller . 4 May 2017 . 18 May 2017 . theguardian.com.
  57. Web site: 16 September 2015 . Budweiser wants to buy Miller — and the Brazilian private-equity titan who bought Kraft, Heinz, and Burger King is behind the deal . live . https://web.archive.org/web/20170218022502/http://www.businessinsider.com/3g-capital-jorge-lemann-2015-8#lemann-was-born-in-rio-de-janeiro-in-1939-his-father-was-a-swiss-businessman-who-immigrated-to-brazil-in-the-1920s-1 . 18 February 2017 . 15 May 2017 . Business Insider.
  58. News: 4 August 2016 . AB InBev Will Still Be Based in Belgium After SABMiller Takeover . Fortune . Reuters . live . 1 February 2017 . https://web.archive.org/web/20180630161746/http://fortune.com/2016/08/04/ab-inbev-abmiller-based-headquarters/ . 30 June 2018 . The new company will be organized into nine geographical zones, with existing SABMiller hubs in Miami, Hong Kong and Beijing phased out within a few months after deal closes, which is expected in October..
  59. Web site: . 23 January 2016 . Management Structure – Our Team . live . https://web.archive.org/web/20170609145350/http://www.ab-inbev.com/our-story/our-team.html . 9 June 2017 . 1 February 2017 . Anheuser-Busch InBev SA/NV.
  60. Web site: AB InBev Press Release . live . https://web.archive.org/web/20210709185423/https://www.ab-inbev.com/content/dam/abinbev/news-media/press-releases/2021/04/ABI_CEO_050621_EN.pdf . 9 July 2021 . 4 July 2021.
  61. Web site: Anheuser-Busch InBev Bilanz, Gewinn und Umsatz Anheuser-Busch InBev Geschäftsbericht A2ASUV. wallstreet-online.de. 6 November 2018. 6 November 2018. https://web.archive.org/web/20181106171954/https://www.wallstreet-online.de/aktien/anheuser-busch-inbev-aktie/bilanz. live.
  62. Web site: Exclusive: U.S. probes allegations AB InBev seeking to curb craft beer distribution . reuters.com . 12 October 2015 . 15 May 2017 . 11 May 2017 . https://web.archive.org/web/20170511022330/http://www.reuters.com/article/us-abinbev-doj-antitrust-exclusive-idUSKCN0S623R20151012 . live .
  63. News: AB InBev to pay SEC $6 million to settle bribery charges . . 28 September 2016 . Suzanne . Barlyn . 17 May 2018 . 18 May 2018 . https://web.archive.org/web/20180518054405/https://www.reuters.com/article/us-a-b-i-sec-fine-idUSKCN11Y21R . live .
  64. Web site: Opinion: Anheuser-Busch InBev shuts out craft beer brewers by hoarding hops . marketwatch.com . 12 May 2017 . 15 May 2017 . 14 May 2017 . https://web.archive.org/web/20170514213836/http://www.marketwatch.com/story/anheuser-busch-inbev-shuts-out-craft-beer-brewers-by-hoarding-hops-2017-05-11 . live .
  65. News: Smaller Brewers Relied on RateBeer.com. Now Bud's Maker Owns a Stake.. The New York Times. 20 June 2017. 19 June 2017. https://web.archive.org/web/20170619122040/https://www.nytimes.com/2017/06/18/business/media/anheuser-busch-inbev-ratebeer.html. live.
  66. Web site: Pegida-Fret: Brewery terminates 'Casa mia' lease . Pegida-Verdruss: Brauerei kündigt 'Casa Mia' den Pachtvertrag . Christine . Ulrich . . 15 July 2017 . 18 July 2017 . de . 16 July 2017 . https://web.archive.org/web/20170716112735/https://www.tz.de/muenchen/stadt/sendling-ort43335/brauerei-kuendigt-casa-mia-in-sendling-pachtvertrag-8488765.html . live .
  67. Web site: Trouble because of Pegida: Regulars fight for 'Casa mia' . Ärger wegen Pegida: Stammgäste kämpfen um das 'Casa Mia' . Marian . Meidel . . 18 July 2017 . 19 July 2017 . de . 15 September 2017 . https://web.archive.org/web/20170915194912/https://www.tz.de/muenchen/stadt/sendling-ort43335/casa-mia-stammgaeste-kaempfen-um-ihr-lieblingslokal-8495338.html . live .
  68. Web site: A-B InBev Signs Deals To Use MLB, NBA Players In Beer Ads. www.sportsbusinessdaily.com. 19 September 2018 . 21 September 2018. 21 September 2018. https://web.archive.org/web/20180921191348/https://www.sportsbusinessdaily.com/Daily/Issues/2018/09/19/Marketing-and-Sponsorship/AB.aspx. live.
  69. Web site: Lucas . Amelia . MillerCoors sues Anheuser-Busch for its Bud Light Super Bowl ad . www.cnbc.com . 21 March 2019 . 21 March 2019 . 21 March 2019 . https://web.archive.org/web/20190321204537/https://www.cnbc.com/2019/03/21/millercoors-sues-anheuser-busch-for-its-bud-light-super-bowl-ad.html . live .
  70. Web site: Beer war escalates: MillerCoors sues Anheuser-Busch over Super Bowl corn syrup commercial . stltoday.com . 21 March 2019 . 21 March 2019 . en . 21 March 2019 . https://web.archive.org/web/20190321204541/https://www.stltoday.com/business/local/beer-war-escalates-millercoors-sues-anheuser-busch-over-super-bowl/article_7fcd7f63-47d6-5085-a1d4-9f0f3b1801b9.html . live .
  71. Web site: Belmonte . Adriana . MillerCoors sues Anheuser-Busch over corn syrup Super Bowl ads . finance.yahoo.com . 21 March 2019 . 21 March 2019 . 22 March 2019 . https://web.archive.org/web/20190322043047/https://finance.yahoo.com/news/bud-light-super-bowl-ads-lawsuit-174127974.html . live .
  72. Web site: Phillips . Aleks . 2023-04-03 . Bud Light faces boycott over trans activist partnership: "Never drink it" . 2023-04-06 . Newsweek . en . 6 April 2023 . https://web.archive.org/web/20230406142822/https://www.newsweek.com/bud-light-faces-boycott-trans-activist-partnership-dylan-mulvaney-1792192 . live .
  73. Web site: Dodgson . Lindsay . Conservatives called for a boycott of Bud Light after it partnered with trans influencer Dylan Mulvaney. The company stood by its choice. . 2023-04-06 . Insider . en-US . 17 April 2023 . https://web.archive.org/web/20230417233926/https://www.insider.com/bud-light-stands-by-dylan-mulvaney-after-conservative-backlash-trans-2023-4 . live .
  74. Web site: Ulea . Anca . 2023-04-10 . Why are conservatives lashing out at Nike and Bud Light? . 2023-04-13 . euronews . en . 16 April 2023 . https://web.archive.org/web/20230416230637/https://www.euronews.com/culture/2023/04/10/bud-light-and-nike-face-conservative-backlash-over-partnerships-with-trans-influencer-dyla . live .
  75. Web site: Zahn . Max . Boycotts rarely work, experts say amid Bud Light anti-trans backlash . . 14 April 2023 . 14 April 2023 . https://web.archive.org/web/20230414123743/https://abcnews.go.com/Business/boycotts-rarely-work-experts-amid-bud-light-anti/story?id=98538734 . live .
  76. News: Floyd . Thomas . Bud Light chief says he 'never intended' boycott over trans star Dylan Mulvaney . . 17 April 2023 . 15 April 2023 . https://web.archive.org/web/20230415215802/https://www.washingtonpost.com/arts-entertainment/2023/04/15/bud-light-apology-letter/ . live .
  77. Web site: Schuhmacher . Harry . Bud Light Management Changes: Todd Allen Appointed VP Bud Light . beernet.com . 21 April 2023 . 22 April 2023 . 21 April 2023 . https://web.archive.org/web/20230421223310/https://beernet.com/bud-light-management-changes-todd-allen-appointed-vp-bud-light/ . live .
  78. News: Otis . Ginger Adams . Bud Light Brewer Puts Two Executives on Leave After Uproar Over Transgender Influencer . . 22 April 2023 . 24 April 2023 . 24 April 2023 . https://web.archive.org/web/20230424021551/https://www.wsj.com/articles/anheuser-busch-shake-up-after-transgender-influencer-was-featured-on-beer-can-a0ed8009 . live .
  79. Web site: Downey . Caroline . Another Anheuser-Busch Marketing Executive on Leave after Mulvaney Fiasco . . 24 April 2023 . 24 April 2023 . 24 April 2023 . https://web.archive.org/web/20230424141946/https://news.yahoo.com/another-anheuser-busch-marketing-executive-134224318.html . live .
  80. Web site: HSBC downgrades Anheuser-Busch InBev as it deals with a 'Bud Light crisis' . 2023-05-10 . NBC News . 10 May 2023 . en . 10 May 2023 . https://web.archive.org/web/20230510182742/https://www.nbcnews.com/business/business-news/hsbc-downgrades-anheuser-busch-inbev-deals-bud-light-crisis-rcna83778 . live .
  81. Web site: 2023-05-30 . PwC behind 15 schemes to sidestep tax, says ATO . 2023-05-31 . Australian Financial Review . en . 31 May 2023 . https://web.archive.org/web/20230531034226/https://www.afr.com/companies/professional-services/pwc-behind-15-schemes-to-sidestep-tax-says-horrified-ato-20230530-p5dcl4 . live .
  82. Web site: Ross . David . 31 May 2023 . Tax office reveals shock at PwC tax breaches after confidentiality breaches . 31 May 2023 . Daily Telegraph . 30 August 2019 . https://web.archive.org/web/20190830225136/https://www.dailytelegraph.com.au/ . live .
  83. Web site: Office . Australian Taxation . A strong domestic tax regime . 2023-05-31 . www.ato.gov.au . en-AU . 31 May 2023 . https://web.archive.org/web/20230531034233/https://www.ato.gov.au/general/tax-and-corporate-australia/a-strong-domestic-tax-regime/ . live .

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