Page last updated at 10:06 GMT, Monday, 7 July 2008 11:06 UK

InBev aims to sack Anheuser board

Budweiser sign at Anheuser-Busch brewery in St Louis
The takeover would create by far the world's biggest brewer

Belgian brewer InBev is to try and oust the entire board of Anheuser-Busch in its latest attempt to push through a hostile takeover of its rival brewer.

InBev, best know for Stella Artois, is trying to pay $46bn (23bn) for the Budweiser brewer.

It says it will call on Anheuser to ask its shareholders if they want to replace the 13 current board members.

The proposed replacement board would include Adolphus A Busch IV, the uncle of Anheuser-Busch's chief executive.

'Preference for dialogue'

InBev's proposal will be made in a filing to the Securities and Exchange Commission later on Monday

It had been forced to take action because Anheuser-Busch had refused to enter into takeover talks, InBev said.

"Our strong preference remains to enter into a constructive dialogue with Anheuser-Busch to achieve a friendly combination that comprehensively addresses the interests of all constituents," InBev chief executive Carlos Brito said in a statement.

If it went ahead, the combined firm would be comfortably the world's largest brewer.

Anheuser-Busch said the offer, made in June, had undervalued the company, but added that it was open to consider any proposals that would provide full value to its shareholders.

After the filing is made Anheuser-Busch will be given 10 days to name a date for consulting shareholders.


SEE ALSO
Budweiser brewer rejects takeover
27 Jun 08 |  Business
Bid talk boosts Budweiser maker
23 May 08 |  Business
SABMiller fizzes on price rises
16 Apr 08 |  Business
S&N shareholders approve takeover
31 Mar 08 |  Business
SABMiller buying Grolsch brewery
19 Nov 07 |  Business
Budweiser firm toasts profit rise
25 Oct 06 |  Business

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