Interesting news today from the trenches of the Anheuser-Busch-InBev takeover battle. Just as the A-B board was about to meet to consider the InBev offer – a meeting which concluded this afternoon with no announcement – the head of Grupo Modelo, Carlos Fernandez, announced his immediate resignation from said board.
Given that A-B has been musing about a tie-up with Modelo, which they suspect could lead to a company valuation that would make it too expensive for InBev to continue their quest for the American brewer, could it be that Fernandez was expressing his displeasure with A-B? Anheuser-Busch’s relationship with Modelo, of which it owns 50%, has long been viewed as strained, so it could be that A-B’s unwanted overtures were the proverbial straw that broke the burro’s back. Earlier this week, Modelo announced in no uncertain terms that the company intended to remain “proudly Mexican.”
The saga continues...
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