AB InBev To Sell Sabmiller' 49% Stake In CR Snow To China Resources For $1.6 Bln

(RTTNews) - Anheuser-Busch InBev SA/NV (AHBIF.PK, BUD) or AB InBev said that it has entered into an agreement to sell SABMiller plc's (SBMRY.PK, SAB.L) 49% interest in China Resources Snow Breweries Ltd. Or "CR Snow" to China Resources Beer (Holdings) Co. Ltd. Or "CRB", which currently owns 51% of CR Snow. The agreement values SABMiller's 49% stake in CR Snow at US$1.6 billion.

The transaction has been approved by the Board of CRB as well as by its majority shareholder and thus no extraordinary general meeting will be required for approval. Upon completion of the transaction, CR Snow will become a direct wholly-owned subsidiary of CRB.

AB InBev noted that the sale represents the next step in its continued commitment to proactively address regulatory considerations in its recommended acquisition of SABMiller.

The agreement with CRB is conditional on the successful closing of the recommended acquisition of SABMiller by AB InBev as announced on 11 November 2015, which itself contains certain regulatory pre-conditions and conditions. In addition, the agreement is subject to any applicable regulatory approval in China, and AB InBev and CRB will work closely together through any such process. CRB's acquisition of SABMiller's stake in CR Snow is expected to close in conjunction with AB InBev's acquisition of SABMiller.