:. Food Industry News

Categories: Mergers and Acquisitions

Ireland's C&C Gets Approval for Anheuser Beer Deal

Source: Reuters
25/09/2009

Dublin, Sept 25 - Shareholders at Irish drinks group C&C GCC. on Friday overwhelmingly approved a 180 million pounds ($288 million) deal to buy the Scottish and Irish businesses of Anheuser-Busch InBev.

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The acquisition, which includes Scotland's top lager, Tennent's, was announced last month and allows C&C to market its Magners cider in Northern Ireland and Scotland as well as giving it a strategic partnership with ABI, the world's largest beer maker.

"In the Tennent's brand we are buying an iconic product... as well as strengthening a route to market for our Magners brand," John Dunsmore, C&C's chief executive, told shareholders, adding that he would not rule out further acquisitions in the long term.

The deal includes the Tennent's Wellpark brewery in Glasgow, and will leave AB InBev with just three breweries in the UK, although one of those in London will close next year.

For the Belgium-based brewer it will help cut debt after InBev bought Budweiser-brewer Anheuser-Busch last November for $52 billion in the world's biggest cash takeover.

Shares in C&C traded 0.3 percent stronger at 2.95 euros by 1015 GMT, just underperforming a 0.6 percent stronger Irish market.



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