Monday, April 21st7.6°C
21625
20740

AB InBev repurchasing South Korea's Oriental Breweries for US$5.8 billion

AMSTERDAM - Belgium's AB InBev, the maker of Budweiser and Labatt beers, says it has agreed to repurchase South Korea's Oriental Breweries from private equity firms for US$5.8 billion.

Oriental Breweries — known for the Cass brand, South Korea's biggest seller — was sold in 2009 to KKR and Affinity Equity Partners after the combination of InBev with U.S.-based Anheuser-Busch.

In the meantime, AB InBev and Oriental Breweries continued to work together on a commercial level. OB had the South Korean distribution rights for brands such as Budweiser, Corona and Hoegaarden.

“We are excited to invest in South Korea and to be working with the Oriental Brewery team again. OB will strengthen our position in the fast-growing Asia Pacific region and will become a significant contributor to our Asia Pacific Zone," AB InBev chief executive Carlos Brito said in a statement released from Brussels and Hong Kong.

Oriental Brewing will continue to be led by chief executive officer In-soo Chang, and remain headquartered in South Korea under its current name.

It will also become a part of AB InBev’s Asia Pacific zone, which is led by Michel Doukeris.

AB InBev has grown into a global brewing company through a series of acquisitions, including the 1995 purchase of one of Canada's two largest beer makers, Labatt Breweries.

It never really wanted to part with the leading South Korean brewer, but sold it in 2009 as part of a strategy to reduce debt during the financial crisis.

The Canadian Press


Read more Business News

21118


Recent Trending




Today's Market
S&P TSX14500.39+53.87
S&P CDNX998.770.80
DJIA16408.54-16.31
Nasdaq4095.516+9.291
S&P 5001864.85+2.54
CDN Dollar0.9072+0.0002
Gold1286.60-6.80
Oil104.18-0.12
Lumber329.70-2.70
Natural Gas4.755+0.014

 
Okanagan Companies
Pacific Safety0.115+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.29+0.07
Cantex0.055+0.01
Anavex Life Sciences0.3750.00
Metalex Ventures0.08+0.005
Russel Metals30.66+0.11
Copper Mountain Mining2.35-0.07
Colorado Resources0.255-0.01
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.25+0.02

 



21100

FEATURED Property
1899068#1 - 6633 Park Drive
2 bedrooms 2 baths
$69,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Learning to flirt with the edge

With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...


Time spent prospecting

How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...

_



21368

21368


Member of BC Press Council


21188