Shareholders of InBev support Anheuser-Busch takeover
LEUVEN, Belgium Shareholders of European beverage giant InBev Monday voiced support for the $52 billion buyout offer made for U.S. brewer Anheuser-Busch.
InBev shareholders also okayed changing the name of the new-formed mega-company to Anheuser-Busch InBev, as well as an increase in capital and share issue that could bring in around $10 billion.
On the U.S. side, InBev chief executive officer Carlos Brito assured A-B employees that the new company would take strides to protect U.S. jobs, and not unduly shut down operations at A-B 12 breweries, as long as “there are no new or increased federal tax or state excise taxes or unforeseen extraordinary events that would negatively impact A-B’s business. … We are very pleased to complete this important milestone and we remain on track to close the transaction by the end of the year,” Brito said in a statement.
To close the deal, approval will have to be met by Anheuser-Busch shareholders and market regulators.
Dr Pepper Snapple Group names new chief marketing officer, other shifts in management
PLANO, Texas Dr Pepper Snapple Group has announced a change to its managerial lineup; former senior vice president of marketing Jim Trebilcock has been bumped to the position of chief marketing officer, the company has said. Other management adjustments have also been made in the course of a wider reorganization effort, according to reports. Trebilcock, a 21-year veteran, will now report to president and chief executive officer Larry Young.
In other moves, former executive vice president of marketing and research and development, Randy Gier, has parted from the company; Rodger Collins assumes the lead of DPS’ finished-goods business; Mexico and Caribbean divisions president, Pedro Herran, will now also take on heading corporate strategy; and vice president of corporate communications Tina Barry will also take on a new corporate affairs role. Other management moves also will effect supply chain operations and other marketing divisions.
Dr Pepper Snapple Group currently ranks as No. 3 in the U.S. carbonated soft drink business, following Coca-Cola Company and PepsiCo. Reports have stated that DPS’ annual sales total around $5.7 billion.
Authorities say Chinese government was warned about food production standards
SHIJIAZHUANG, China Chinese authorities have said that the country’s food producers as well as bureaucrats had plenty of warnings about poor safety and quality standards in food and drug production, but failed to respond before milk contaminated with an industry additive called melamine was used in products such as baby formula and candy, The New York Times today reported.
China’s Prime Minister Wen Jiabao had promised about a year ago to initiate a nationwide review of safety standard for food, drug and other consumables made in China to assure that regulations were kept and safety standard maintained, reports said. Additionally, the Chinese government put $1.1 billion towards inspecting food and drug production companies and assigned 300,000 inspectors
Prime Minister Wen publically apologized for the release of the tainted baby formula to market which has so far led to 53,000 reports of children getting sick and at least three deaths. Analysts have also said that the scandal has devastated the dairy industry in China, according to reports.