JSE-listed SABMiller and multilisted Anheuser-Busch InBev (AB InBev) continue to steadily tick off preconditions and jurisdictional approvals in a landmark deal that will see the two companies merge to form a global beer conglomerate by October.
In a joint statement on Tuesday, the duo announced that the aim was to combine the businesses by October 10 following a planned UK court hearing as part of the UK scheme of arrangement on August 22.
“The expected timetable envisages publication of the UK scheme document, as well as the other key transaction documents on August 26 [and] shareholder meetings of AB InBev and SABMiller being held on September 28 [before] the completion of the combination on October 10,” the breweries said.
The completion of the merger remains subject to a number of conditions, including approval by AB InBev and SABMiller shareholders.
At the UK scheme directions hearing, SABMiller intends asking the UK court to treat the South Africa brewery’s two largest shareholders Altria and Bevco as a separate class from all other SABMiller shareholders, allowing the different classes to vote or agree to the UK scheme separately.
The treatment as one class will mean that all SABMiller shareholders will vote together in one meeting.
Meanwhile, AB InBev said it would file on Tuesday with the Brussels commercial registry to have Newbelco SA/NV merged into AB InBev.
“The Belgian merger comprises one of the three key steps in the implementation of the combination,” AB InBev noted.
The parties would list the combined conglomerate on the Euronext Brussels, with secondary listings on the JSE and the Mexico Stock Exchange and the listing of Newbelco American depository shares on the NYSE.