SAB to Buy Miller From Philip Morris
Bloomberg News
South African Breweries agreed to buy Miller Brewing Co. from Philip Morris Cos., betting it can reverse more than two decades of declining market share at the second-largest U.S. brewer.
South African Breweries will pay $3.6 billion in stock and assume $2 billion in debt to become the world’s No. 2 beer maker.
Shares of New York-based Philip Morris rose 57 cents to $56.58 on the NYSE.
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