(Bloomberg) — Altria Group Inc. is seeking to sell a portion of its stake in Anheuser-Busch InBev SA for as much as $2.2 billion to help fund its own share repurchases.
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Altria, which sells Marlboro cigarettes in the US, owns about 10% the beermaker. It will sell the AB InBev stock in a secondary offering of American depositary shares and a concurrent private placement in Europe and the UK, Altria said Wednesday in a statement.
Altria will offer the AB InBev US shares in a range of $60.75 to $62.75 each, according to people familiar with the plans who asked not to be identified because the details haven’t been made public. The shares closed at $64.55 on Wednesday.
AB InBev fell 4.2% at 4:56 p.m. in extended New York trading. Altria was little changed.
AB InBev has also agreed to to repurchase $200 million of shares directly from Altria when the offering is completed. Altria said it currently holds about 197 million AB InBev shares.
–With assistance from Tiffany Kary.
(Updates with market value of stake to be sold)
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