defa14a
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 14A/A
(Rule 14A-101)
PROXY STATEMENT PURSUANT TO SECTION 14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant þ
Filed by a Party other than the Registrant o
Check the appropriate box:
o Preliminary Proxy Statement
o Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
o Definitive Proxy Statement
o Definitive Additional Materials
þ Soliciting Materials Pursuant to Section 240.14a-12
Anheuser-Busch Companies, Inc.
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11 |
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Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing. |
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On July 18, 2008, the materials attached hereto were e-mailed to the wholesalers of
Anheuser-Busch, Incorporated.
IMPORTANT INFORMATION
Anheuser-Busch Companies, Inc. (Anheuser-Busch) has filed with the Securities and Exchange
Commission (the SEC) a Current Report on Form 8-K, which includes the merger agreement and
related documents. The proxy statement that Anheuser-Busch plans to file with the SEC and mail to
stockholders will contain information about Anheuser-Busch, the proposed merger and related
matters. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY WHEN IT IS AVAILABLE, AS IT
WILL CONTAIN IMPORTANT INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING A DECISION ABOUT
THE MERGER. In addition to receiving the proxy statement from Anheuser-Busch by mail, stockholders
will be able to obtain the proxy statement, as well as other filings containing information about
Anheuser-Busch, without charge, from the SECs website (http://www.sec.gov) or, without charge,
from Anheuser-Busch at www.anheuser-busch.com or by contacting Morrow & Co., LLC at 800-662-5200,
PARTICIPANTS IN SOLICITATION
Anheuser-Busch and its directors and executive officers and certain other members of management may
be deemed to be participants in the solicitation of proxies in connection with the merger.
Information concerning Anheuser-Buschs directors and executive officers and their respective
interests in Anheuser-Busch by security holdings or otherwise is set forth in the proxy statement
for Anheuser-Buschs 2008 annual meeting of stockholders, which was filed with the SEC on Schedule
14A on March 10, 2008. Additional information regarding the interests of participants of
Anheuser-Busch in the solicitation of proxies in connection with the merger will be included in the
proxy statement to be filed with the SEC. Anheuser-Buschs press releases and other information
relating to Anheuser-Busch are available at Anheuser-Buschs website located at
www.anheuser-busch.com
July 18, 2008
To: All Anheuser-Busch Equity Wholesalers and WOD
Thank you to all who participated in Tuesdays conference call and for the many expressions of
support. For those of you who could not make the call, a transcript and audio replay is available
on abmarketing.com.
As we move
ahead, we wanted our wholesalers to have a few additional pieces of information to help
over the coming days and weeks. Attached are the following:
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A PDF of the ad from this week that can be used to create
fliers as leave behinds with retail
accounts where needed. |
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A copy of a letter written for retail customers. We ask that you print and hand deliver
this to all
your retail accounts within the next two weeks during your weekly sales calls. We will be
sending
this letter directly to our major chain accounts. |
Production of a WE Without Equal decal for usage on your trucks is under way; more information
will be available next week. For those of you who may still have older decals on your trucks,
please remove or replace them.
We understand your concern over possible consumer reaction. In our experience and in the experience
of our advisors, the reaction were hearing right now is not unusual. The continuing news stories
help drive this awareness, and we expect that to diminish over the next few days. However, we will
be monitoring it carefully and will be prepared to respond if
necessary. We recommend that you
decline media interviews during this period, but if there are any major hot spots that you
believe should be cause for concern, please let us know. For communicating directly with consumer
and retailers, remember some of the key points communicated in this weeks press release:
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The new Anheuser-Busch InBev will become the global leader in beer with Budweiser
as its
flagship brand. |
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This friendly agreement is in the best interest of Anheuser-Busch and its shareholders,
business
partners, employees. |
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The new company will be better positioned to compete in the global beer market. |
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A larger company with geographic diversity creates a more stable organization. |
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This is a great opportunity for Budweiser to grow globally. |
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Bud will always be Bud: brewed in the same breweries, by the same people, according to
the same
recipe, traditions. |
Once the
initial reaction has run its course, we will begin to communicate the
Anheuser-Busch InBev
story in the coming weeks and months. But please keep in mind that until the deal is closed later
this year, A-B and InBev will continue to operate as separate, independent companies.
We are confident that the combination of Anheuser-Busch and InBev will mean a more competitive
global beer company, and we look forward to working with you as we create die global leader in
beer.
Sincerely,
Dave Peacock
Vice President
Marketing
Attachments
Evan Athanas
Vice President
Sales and Wholesale Operations Division
CREATING
THE GLOBAL LEADER IN BEER
Anheuser-Busch and InBev are joining forces to become the worlds leading brewer and one of the
worlds top-five
consumer products companies.
This combination will create a stronger, more competitive global company with an unrivaled
worldwide brand portfolio,
including Budweiser, Stella Artois and Becks, and a network to distribute these brands to
consumers around the world.
The new company will be named Anheuser-Busch InBev and will reflect our shared appreciation for
what makes beer truly
great: time-honored institutions and traditions, and deep roots in the community that go back
generations.
We are extremely excited about this combination and the opportunities it will bring to our
employees, consumers,
wholesalers, business partners, shareholders and the communities we serve.
Our vision is about growth and investment and creating long-term opportunities for our business
around the world. This
historic transaction will allow us to become a truly diversified, international company with a
strong presence in various
global markets including the U.S., Europe, Asia, South America and Canada.
Together, Anheuser-Busch and InBev will be able to accomplish much more than each can on its own.
We have been
successful business partners for quite some time, and its only natural for us to take our next
steps together in this
increasingly competitive global environment.
A change in ownership doesnt mean a change in what matters. Bud will always be Bud, from St. Louis
to Buenos Aires to
Shanghai. This combination will spread the great taste of Budweiser and the spirit of America to
new consumers
around the world.
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Carlos Brito
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August Busch IV |
CEO, InBev
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President and CEO, Anheuser-Busch |
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In connection with the proposed acquisition, Anheuser-Busch (A-B) and/or InBev intend to file
relevant materials with the SEC. INVESTORS OF A-B ARE
URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY
BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION. Investors will be able to obtain the documents for free through
the SECs website at www.sec.gov, and A-B
stockholders will receive information at an appropriate time on how to obtain transaction-related
documents for free from A-B. InBev and A-B and certain
of their directors and executive officers may be deemed to be participants (the Participants) in
the solicitation of proxies from A-B stockholders in
connection with the proposed transaction. Investors may obtain information regarding the
Participants and the interest of the Participants by reading the
proxy statement when it becomes available.
©2008 Anheuser-Busch, St. Louis, MO
July 18, 2008
To: All Anheuser-Busch Retail Customers
We have received many inquiries over the past few days regarding the announcement from
Anheuser-Busch and InBev this week, and what that change means for our retailers. As many of you
know, Anheuser-Busch has agreed to combine with InBev to become a new, strong and global company
Anheuser-Busch InBev. Once approved, the combination will create one of the worlds five largest
consumer products companies with North American headquarters based in St. Louis, Missouri. Please
see the attached copy of the press release.
Our company is made up of people who are very proud of what weve built together over 150 years,
and the name Anheuser-Busch stands for something important to all of us. Moreover, we take great
pride in providing you and your customers with the highest-quality products.
While many of the details are still being ironed out, what will not change is our commitment to
superior execution, value-added service, and dedication to our customers by maintaining our goal of
business as usual during this time of transition.
It is retailers like you who have enabled us to be so successful and we remain as dedicated to your
business today as we have always been. We greatly appreciate the support you have always shown our
company and products and look forward to earning your continued support in the days, weeks and
years ahead. Thank you.
For more information, please visit www.anheuser-busch.com.
Sincerely,
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Dave Peacock
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Evan Athanas |
Vice President
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Vice President |
Marketing
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Sales and Wholesale Operations Division |
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Attachment |
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Press Release
Leuven, Belgium July 14, 2008 and St. Louis, Missouri July 13, 2008
The enclosed information constitutes regulated information as defined in the Royal Decree of 14
November 2007 regarding the duties of issuers of financial instruments which have been admitted for
trading on a regulated market.
InBev and Anheuser-Busch Agree to Combine,
Creating the Global Leader in Beer with Budweiser as its Flagship
Brand
Combination Will Create One of the Worlds Five Largest Consumer Products Companies
Company to be Named Anheuser-Busch InBev;
Budweiser to Expand Globally
Transaction Will Yield Cost Synergies of at Least $1.5 Billion Annually by 2011; Neutral to
EPS in 2009 and Accretive Beginning in 2010
St. Louis, Missouri will be North American Headquarters and Global Home of Flagship
Budweiser Brand
Fully Committed to Support Wholesalers and Three-Tier System
All U.S. Breweries to Remain Open; Commitment to Communities of Combined Company
Maintained
InBev (Euronext: INB) and Anheuser-Busch (NYSE: BUD) today announced an agreement to combine the
two companies, forming the worlds leading global brewer. Anheuser-Busch shareholders will receive
$70 per share in cash, for an aggregate equity value of $52 billion, in an industry-transforming
transaction. The combined company will be called Anheuser-Busch InBev. Both companies Boards of
Directors have unanimously approved the transaction. InBev has fully committed financing for the
purchase of all of Anheuser-Buschs outstanding shares.
The combination of Anheuser-Busch and InBev will create the global leader in the beer industry and
one of the worlds top five consumer products companies. On a pro-forma basis for 2007, the
combined company would have generated global volumes of 460 million hectoliters, revenues of $36.4
billion (26.6 billion) and EBITDA of $10.7 billion (7.8 billion). Anheuser-Busch and InBev
together believe that this transaction is in the best interests of both companies shareholders,
consumers, employees, wholesalers, business partners and the communities they serve.
The company will make St. Louis, Missouri the headquarters for the North American region and the
global home of the flagship Budweiser brand. With about 40% of the combined companys revenues to
be generated in the U.S., the company will draw on the collective expertise of Anheuser-Buschs
dedicated and experienced employees and its culture of quality. Given the limited geographical
overlap between the two businesses and the efficiency of Anheuser-Buschs brewery footprint in the
United States, all of Anheuser-Buschs U.S. breweries will remain open.
InBev CEO Carlos Brito will be chief executive officer of the combined company. The Board of
Directors of the combined company will be comprised of the existing directors of the InBev Board,
Anheuser-Busch President and CEO August Busch IV and one other current or former director from the
Anheuser-Busch Board. In addition, the combined companys management team will draw from key
members of both InBevs and Anheuser-Buschs current leadership. Anheuser-Busch will become a
wholly owned subsidiary of InBev upon the completion of this transaction.
The expanded company will be geographically diversified, with leading positions in the worlds top
five markets China, U.S., Russia, Brazil and Germany and balanced exposure to developed and
developing markets. A combination of Anheuser-Busch and InBev will result in significant growth
opportunities from leveraging the companies combined brand portfolio, including the global
flagship Budweiser brand and international market leaders such as Stella Artois and Becks,
maximizing the combinations unparalleled global distribution network and applying best practices
across the new organization. Budweiser and Bud Light are the largest selling beers in the world,
and the combined company will have an unmatched portfolio of imports, local premiums and local core
brands.
Carlos Brito, CEO of InBev, said, We are very pleased to announce this historic transaction today,
bringing together two great companies that share a rich history of brewing traditions. We are
extremely excited about the opportunities that this combination will create for consumers
worldwide, as well as our shareholders, employees, business partners and wholesalers. Together,
Anheuser-Busch and InBev will be able to accomplish much more than each can on its own. We have
been successful business partners for quite some time, and this is the natural next step for us in
an increasingly competitive global environment. This combination will create a stronger, more
competitive global company with an unrivaled worldwide brand portfolio and distribution network,
with great potential for growth all over the world.
August Busch IV, Anheuser-Busch President and CEO, stated, Todays announcement brings new
opportunities for Anheuser-Busch and its business, brands and employees. This agreement provides
additional and certain value for Anheuser-Busch shareholders, while enhancing global market access
for Budweiser, one of Americas true iconic brands. We will leverage
our collective strengths to
create a truly diversified, global company to sustain long-term growth and profitability. In the
United States and Canada, both InBev and Anheuser-Busch have seen significant benefits from our
existing relationship and we look forward to replicating this success in other parts of the world.
Budweiser, together with Stella Artois and Becks, will become the combined companys leading
global brands, leveraging InBevs expansive international footprint. InBev has a history of
successfully building brands around the world, which will complement the unparalleled strength of
Anheuser-Buschs brand-building in the U.S. The two companies already have a successful U.S.
distribution partnership for InBevs European premium import brands including Stella Artois, Becks
and Bass. Anheuser-Buschs world-class sales and distribution system will continue to support the
expansion of these brands in the U.S. market.
Anheuser-Buschs partners fit very well with InBevs global franchise. Anheuser-Busch has equity
investments in two companies with strong brands in two key markets: Mexicos Grupo Modelo, which
owns Corona Extra, the number five brand globally; and Chinas Tsingtao, the leading Chinese
premium brewer. In addition, Budweiser is a strong and growing national brand in China, and the two
companies footprints in China are complementary. InBevs China business in southeastern China will
be enhanced by Anheuser-Buschs strength in northeastern China.
The transaction creates significant profitability potential both in terms of revenue enhancement
and cost savings. The combination will yield cost synergies of at least $1.5 billion annually by
2011 phased in equally over three years. Given the highly complementary footprint of the two
businesses, such synergies will largely be driven by sharing best practices, economies of scale and
rationalization of overlapping corporate functions. InBev has a strong track record of delivering
synergies in past transactions and is confident in its ability to achieve these synergies.
In addition, there are meaningful revenue opportunities through expansion of Budweiser on a global
scale: InBev is the number one brewer in 10 markets where Budweiser has a very limited presence,
and has a superior footprint in nine markets where Budweiser is already present.
The transaction is expected to be neutral to normalized earnings per-share in 2009 and accretive
beginning in 2010, and return on invested capital will exceed weighted average cost of capital
during the second year after close.
The transaction is subject to the approval of InBev and Anheuser-Busch shareholders, and other
customary regulatory approvals. Shareholders of both companies will have an opportunity to vote on
the proposed combination at special shareholder meetings that will be scheduled at a later date.
InBevs controlling shareholder has agreed to vote its shares of InBev in favor of the combination.
In light of the limited overlap between the InBev and Anheuser-Busch businesses, the combination
should not encounter any significant regulatory issues, and is expected to be completed by the end
of 2008.
InBev has received fully committed financing with signed credit facilities from a group of leading
financial institutions, including Banco Santander, Bank of Tokyo-Mitsubishi, Barclays Capital, BNP
Paribas, Deutsche Bank, Fortis, ING Bank, JP Morgan, Mizuho Corporate Bank and Royal Bank of
Scotland. The transaction will be financed with $45 billion in debt, including a $7 billion bridge
financing for divestitures of non-core assets from both companies. In addition, InBev has received
commitments for up to $9.8 billion in equity bridge financing which will allow the company
flexibility in deciding upon the timing and form of equity financing for a period of up to six
months after closing. The combined company is expected to retain a strong investment-grade credit
profile, and rapid de-leveraging of the balance sheet is expected through strong free cash flow
generation.
InBev has retained Lazard as lead advisor, JPMorgan as co-lead advisor, Deutsche Bank, and BNP
Paribas as financial advisors, and Centerview Partners as industry advisor. Legal advisors are
Sullivan & Cromwell, Clifford Chance, and Linklaters. Financial advisors to Anheuser-Busch are
Goldman Sachs & Co., Citigroup Global Capital Markets Inc. and Moelis & Company and legal advisor
is Skadden, Arps, Slate, Meagher & Flom LLP. Simpson Thacher & Bartlett LLP is legal advisor to the
Anheuser-Busch Board.
New Video Interview with Carlos Brito
An interview with Carlos Brito in video/audio can be viewed at: www.globalbeerleader.com and www.cantos.com.
Download Instructions for Broadcast Media
Broadcast media will be able to download the interview at:
http://w3.cantos.com/08/inbev-download-3/
Investor and Analyst Call Details
There will be a webcast for the investment community on Monday, July 14, at 8:00 a.m. EDT / 2:00
p.m. CET. Webcast log-in is available on www.inbev.com and www.anheuser-busch.com.
A replay of the webcast will be also be archived on both websites.
Press Call Details
On Monday, July 14, at 9:30 a.m. EDT / 3:30 p.m. CET, InBev and Anheuser-Busch will hold a
conference call for members of the press. The call can be accessed by dialing 1- 800-377-9997 in
the U.S. and +1-973-582-2733 from international locations and referencing conference code 56065686.
Dutch and French versions of this press release will be posted on www.InBev.com.