Rumoured Sale of Grolsch and Peroni; Who Are the Buyers?

It has reported that AB InBev may be willing to sell both Grolsch and Peroni, two European brands owned by SABMiller in order to secure the second largest brewer in the world

Philip Gorham 30 November, 2015 | 1:01PM

During the past 24 hours, multiple media outlets have reported that AB InBev (ABI) may be willing to sell both Grolsch and Peroni, two European brands owned by SABMiller (SAB), in an effort to secure approval from EU regulators for its acquisition of the world's number-two brewer. Both assets possess high shares in their domestic markets and have whitespace growth potential, but ultimately are not likely to be core to AB InBev's go-to-market strategy.

If ever there was any doubt about the strategy behind AB InBev's acquisition of SABMiller, this removes it

We think the most likely European buyer of the brands is Carlsberg, although we also expect Molson Coors to be interested. The impact to the value creation from the deal will depend on the price received, and we will maintain our fair value estimates for AB InBev and SABMiller of €112 and £39, respectively, until we have more visibility into the structure and value of the complex group of transactions.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Anheuser-Busch InBev SA/NV43.89 EUR4.72

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Philip Gorham  

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