SABMiller’s European lager brands in line for GBP 4bn bid from PSP Investments
SABMiller's [LON:SAB] lager brands in central and eastern Europe are being eyed for a potential GBP 4bn (USD 5.2bn) bid from PSP Investments of Canada, The Sunday Times reported.
PSP, traditionally focused on low-risk assets in the infrastructure sector, intends to engage advisers in London to look for takeover targets, the report said, citing a City-based banker who said the Canadian fund hopes to make an impact in the British capital.
According to sources cited in the report, several prospective buyers are preparing to make offers for the SABMiller business, including private-equity houses Advent International and KKR. PSP may have to join forces with a private-equity firm to bid for the European beer assets, sources cited in the piece said. The report added that PSP and the PE-sector groups are hanging back to see if Asahi, the Japan-based brewing group, will make an offer for SABMiller’s European lagers.
The European beer assets are being divested as part of SABMiller’s GBP 79bn takeover by Anheuser-Busch InBev [EBR:ABI] of Belgium, the report noted. The merged group is seeking to dispose of some of its assets to assuage regulatory concerns over competition in Europe.
The European beers earmarked for sale include Poland’s Lech, Czech Pilsner Urquell and Hungary-based Dreher, the report said.
PSP did not wish to make any comment, the item reported.
Sunday Times