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AB InBev: Grupo Modelo streamlines organization for ABI bid

AB InBev: Grupo Modelo streamlines organization for ABI bid

26.4.2013 10:23

AB InBev announced that Grupo Modelo, Diblo and Direccion de Fabricas have merged with and into the stock-quoted Grupo Modelo. Recall that AB InBev had a direct stake in both Grupo Modelo (35.3% stake) and the operating company Diblo (23.3% stake). The merger of the various entities should be considered as a streamlining of the Grupo Modelo organization in anticipation of the launch of the tender offer, which AB InBev hinted will start in the coming days. Following the mergers of Grupo Modelo and the above mentioned entities, AB InBev still detains an economic interest in Grupo Modelo of about 50.3%.

Recall that the intended tender offer on all outstanding shares not yet detained by AB InBev, representing about 49.7%, comprise the class A shares detained by Grupo Modelo’s founding families and class C shares, which are quoted on the Mexican Stock Exchange. AB InBev will offer $ 9.15 per share.

AB InBev repeated in its press release that it expects the transaction to be fully completed in June 2013. The group also commented that it intends to appoint Ricardo Tadeu, currently Business Unit President for Brazil, as Zone President Mexico and CEO of Grupo Modelo. Mexico will become a seventh separate zone on which ABI will report.

Our View:
The streamlining of the Grupo Modelo organization was already hinted at when ABI first launched its Grupo Modelo bid and is a technical step in order to prepare for the tender offer. We already incorporated Grupo Modelo in our earnings model as of mid 2013 onwards. Despite the forced divestment of the Piedras Negras brewery, we still think this transaction makes a lot of sense for AB InBev, adding a new very attractive & profitable beer market to its portfolio (Mexico), with also significant international expansion potential for the Corona brand. We remind as well that AB Inbev (73,71 EUR, -2,63%) expects to reap $ 1bn synergies out of this transaction and that the deal should be immediately EPS accretive. We maintain our Hold rating and € 75 target price.


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