takeover target sabmiller doubles cost savings
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Takeover target SABMiller doubles cost savings

Arab Today, arab today

Arab Today, arab today Takeover target SABMiller doubles cost savings

SABMiller is the maker of Foster's, Miller and Grolsch beers
London - AFP

British brewer SABMiller doubled the group's cost savings target on Friday, ramping up its defences to help fend off a vast takeover bid from AB InBev.

The company said in a statement that it aims to achieve annual savings of at least $1.05 billion (932 million euros) by March 2020. That compared with the previous guidance of $500 million by 2018.

And in a sideswipe at AB InBev, SABMiller added that the latest cost savings plan assumes that "there will be no change in the ownership or control" of the firm.

"Whilst we are already a highly efficient business we are continuing to remove duplication across markets, bringing specialist expertise in areas like procurement under one roof, and standardising common processes," chief executive Alan Clark said in the statement after meeting with investors.

The pledge to double annual cost savings from current targets came a day after Anheuser-Busch InBev, the world's biggest brewer, appealed directly to SABMiller shareholders to merge their two companies.

Belgian-Brazilian titan AB InBev, which produces Budweiser and Stella Artois lagers, made the appeal after failing with its third takeover tilt at the London-listed maker of Foster's and Grolsch.

The improved third bid -- pitched at £42.15 per share in cash and worth £68 billion ($103 billion, 92 billion euros) -- was rejected by the SABMiller board as being too low.

In its investor presentation SABMiller repeated that it believes the AB Inbev offer "very substantially undervalues the company" and pointed out its highly conditional nature, including significant regulatory hurdles in the United States and in China.

In reaction in London deals, SABMiller's share price rallied 0.76 percent to close at 3,668.50 pence.

AB Inbev shares climbed 0.82 percent to finish at 98.30 euros in Brussels.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

takeover target sabmiller doubles cost savings takeover target sabmiller doubles cost savings

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

takeover target sabmiller doubles cost savings takeover target sabmiller doubles cost savings

 



GMT 19:07 2017 Wednesday ,13 September

Kuwaiti oil barrel down 82 cents to US$50.56

GMT 03:02 2017 Saturday ,11 November

Drahi retakes the reins at Altice as share price tumbles

GMT 19:46 2016 Friday ,07 October

Football: Saudis deny Australia with late equalizer

GMT 22:01 2017 Thursday ,20 April

52 ships transit Suez Canal

GMT 04:28 2016 Monday ,14 November

Fujairah seeks partnerships with all investors

GMT 15:32 2017 Saturday ,25 February

Steinmeier elected German president

GMT 09:25 2017 Sunday ,24 December

HRH Premier Prince Khalifa bin Salman leaves Thailand

GMT 13:39 2017 Sunday ,17 December

Britain must obey EU environment rules
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday