ABERDEEN Asset Management has expressed its disappointment that fellow shareholders in brewing company SAB Miller have approved the company’s takeover by Anheuser-Busch InBev, but said it hoped the combined business would prosper.
As one of SABMiller’s major shareholders Aberdeen has been a high-profile opponent of the deal, which was first announced last year. The fund manager’s main concern was that the depreciation of sterling in the aftermath of the Brexit vote meant the offer left SABMiller undervalued.
After AB InBev upped its offer in July, the majority of shareholders in both companies yesterday approved the deal.
Aberdeen investment analyst Adam Montanaro said that while the fund management house was “obviously disappointed” by the result it was “not surprised”.
“Whist the vote has not gone our way we do take comfort that our engagement with the board and management helped to secure a better deal for our clients albeit the final price still significantly undervalued SABMiller in our view,” he said.
“We take seriously our responsibilities as stewards of our clients’ capital and will continue to flag governance issues when appropriate with the companies we invest in.
“AB InBev has acquired a great company at an attractive price and we hope that the combined business will prosper.”
AB InBev originally offered £44 a share for SABMiller, in a deal that valued the latter at £71 billion. After concerns were raised that exchange rate fluctuations in the wake of the Brexit vote meant SABMiller was undervalued, AB InBev upped its offer to £45 a share, valuing the company at £79bn.
Aberdeen said this still undervalued the business and favoured its two biggest shareholders - US tobacco company Altria and BevCo, the investment vehicle of the Santo Domingo brewing family – but the vast majority of shareholders have ultimately approved the deal.
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