(Bloomberg) — Altria Group Inc. plans to sell a portion of its stake in Anheuser-Busch InBev SA for up to $2.2 billion to support its own share repurchases.
Altria, the seller of Marlboro cigarettes in the US, holds approximately 10% of the beermaker. It will conduct a secondary offering of American depositary shares, a public offering in the US, and a concurrent private placement in Europe and the UK, according to a statement released by Altria on Wednesday.
The AB InBev US shares will be offered in a range of $60.75 to $62.75 each, as per sources familiar with the plans. The shares closed at $64.55 on Wednesday.
AB InBev’s stock dropped as much as 5.1% in extended New York trading, while Altria remained relatively unchanged.
Upon completion of the offering, AB InBev has also committed to repurchasing $200 million of shares directly from Altria. Altria currently holds about 197 million AB InBev shares.
Analysts…
2024-03-13 17:07:14
Post from finance.yahoo.com