All articles tagged with #brewing industry
Shares of AB InBev fell over 4% after trading suspension due to news of U.S. tobacco giant Altria selling a portion of its 10% stake in the company, with plans to sell 35 million of its 197 million shares at a price of 54.7 euros per share, about 6.5% less than the previous day's closing price. AB InBev intends to buy back $200 million worth of shares, and the sale will reduce Altria's holding in the company to around 8%.
Anheuser-Busch heir Billy Busch is serious about his offer to buy back the struggling brewing company and has met with investment banking companies to explore the possibility. Following the fallout over Bud Light's partnership with transgender influencer Dylan Mulvaney, the company has faced significant losses in revenue and market value. Busch believes he could purchase the company for a "great price" and plans to return to the company's traditional values in advertising. Investment banking companies have expressed interest in helping him develop a buyback deal.
The Busch family, known for their iconic beer brand Anheuser Busch, has a scandalous history filled with marriages, divorces, deaths, and boardroom sagas. From the charismatic former chairman Augustus 'Gussie' Busch Jr to the tragic suicide of August Anheuser Busch Sr, the family dynasty faced numerous challenges. The family's control over the empire was ultimately lost in a 2008 hostile takeover. Despite their once-dominant position in the brewing industry, recent controversies and marketing missteps have led to a decline in the brand's popularity.