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Anheuser-Busch buys remaining stake in India venture
2008-06-20
WASHINGTON (AFP) - US beer giant Anheuser-Busch, facing a politically charged takeover bid, said Friday it would buy the 50 percent stake it does not already own of the Crown Beers India Ltd. joint venture. Terms of the deal with its partner, Crown International, were not disclosed. Anheuser-Busch, maker of Budweiser and other beers, earlier this month said it was reviewing a 46-billion-dollar unsolicited bid from Belgian-Brazilian global sector leader InBev. Executives of the company have not publicly commented on that offer, but political leaders in the company's home state of Missouri have opposed the deal for what they call an American icon. The deal with Crown Beers includes the joint venture's 500,000-hectoliter brewery in the southern city of Hyderabad. "The Indian beer industry continues to grow at a rapid pace, and acquiring the remaining 50 percent of the Crown Beers joint venture reaffirms Anheuser-Busch's commitment to being a key player in this emerging beer market," said Tom Santel, president and chief executive officer, Anheuser-Busch International, Inc. "As Crown International looks to focus on its other successful businesses, this move will continue to best position the Budweiser brand for long-term growth in India." Crown International and Anheuser-Busch formed Crown Beers India Ltd. in early 2007, and introduced the Budweiser brand and Armstrong throughout southern and western India. Anheuser-Busch said earlier in the day that Carlos Fernandez G., chairman and chief executive officer of Mexican brewer Grupo Modelo, had resigned from the US firm's board. The US company owns a 50 percent stake in the maker of beers including Corona.
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