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Beam boss is in line for £24m of payments

THE chief executive of Beam Inc is in line to receive more than $40.1 million (£24m) from stock options, performance awards and shares if the company's tie-up with Suntory goes ahead.

A filing to the US Securities and Exchange Commission yesterday showed executives could share up to $109m between them.

Matthew Shattock, who also has the title of president, is the largest beneficiary with a range of stock options, which are worth close to $29.5m, greater than the total sum of any other individual.

In addition Mr Shattock already holds around $6.6m of Beam stock and would stand to get a further $4m through performance related awards.

Beam's chief financial officer Robert Probst may receive $13.9m while North America president William Newlands is on course to get $8.47m.

The Form 8-K filing also states that Mr Shattock could receive more than $8.5m in cash, by the way of a parachute payment that would be triggered if he was made redundant within two years of the $16 billion deal - which is expected to formally close by the end of April - completing.

According to the document, Mr Newlands and Mr Probst would receive around $2.6m under the same parachute plan.

Beam owns the Scotch whisky brands Ardmore, Laphroaig and Teacher's along with the Jim Beam bourbon and Courvoisier brandy.

Japan's Suntory has a whisky portfolio from its home country but also owns Morrison Bowmore, the maker of the Auchentoshan, Bowmore and Glen Garioch malts.

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