Anheuser Busch InBev to sell stake in South Africa’s Distell to state fund

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Johannesberg/london | Published: December 15, 2016 5:06:34 PM

Anheuser-Busch InBev will sell its stake in South Africa's Distell Group to state-owned pension fund Public Investment Corp, it said on Thursday, as agreed during its takeover of SABMiller.

South Africa, A B InBev, SABMiller, Johannesberg, Stellenbosch, Remgro Ltd Anheuser-Busch InBev will sell its stake in South Africa’s Distell Group to state-owned pension fund Public Investment Corp, it said on Thursday, as agreed during its takeover of SABMiller.(Reuters)

Anheuser-Busch InBev  will sell its stake in South Africa’s Distell Group  to state-owned pension fund Public Investment Corp, it said on Thursday, as agreed during its takeover of SABMiller.South Africa’s Competition Commission made the disposal a condition of the $100 billion takeover.

The 26.4 percent stake in Stellenbosch-based Distell, which makes wine, spirits and ciders, is worth roughly 9 billion rand ($645 million) based on its closing price on Wednesday.

Distell’s other large shareholders, Remgro Ltd and Capevin Holdings Ltd, had pre-emptive rights in relation to the stake, but AB InBev said they confirmed they would not exercise them.Distell shares were flat in Johannesburg at 0800 GMT.

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