SABMiller

SABMiller plc was an Anglo–South African brewing and beverage group that grew from South African Breweries into one of the world's largest international beer companies. It was founded in 1895 to supply the expanding mining economy around Johannesburg and became the first industrial company to list on the Johannesburg Stock Exchange in 1897. For much of the twentieth century, its business was concentrated in southern Africa, where South African Breweries developed a dominant position. From the 1990s, the company pursued an international acquisition strategy. It entered Europe, reorganized through a United Kingdom-based holding structure, and moved its primary stock-market listing to London in 1999. In 2002, it acquired Miller Brewing Company from the Altria Group and adopted the name SABMiller. That transaction gave the group a major North American platform and connected the historic South African brewer with the Miller portfolio, including Miller Lite and Miller Genuine Draft. SABMiller subsequently expanded across emerging and developed markets. Its acquisitions and partnerships brought brands and brewing operations in Latin America, Central and Eastern Europe, China, India, Africa and Australia. Important assets included a 49 percent interest in China Resources Snow Breweries, a major stake in Colombia's Bavaria, Foster's in Australia, and leading regional businesses such as South African Breweries, Kompania Piwowarska and Cervecería Hondureña. In 2008, its US operations were combined with Molson Coors in the MillerCoors joint venture. The group also operated Coca-Cola bottling businesses in several African and Central American markets, making it a broader beverage company rather than a beer-only enterprise. Its portfolio combined international premium and mainstream labels with strong local brands. Global or internationally recognized offerings included Miller, Foster's, Pilsner Urquell, Peroni, Grolsch and Tyskie, while regional brands included Castle Lager, Castle Milk Stout, Carling Black Label, Aguila, Club Colombia, Cusqueña, Poker, Snow and many others. The company also developed products intended for local agricultural and income conditions, including Impala, a commercially produced cassava beer launched in Africa in 2011. SABMiller became the target of Anheuser-Busch InBev in 2015. The proposed combination required substantial regulatory remedies, including the disposal of Miller brands and the separation or sale of various regional brewing and beverage assets. The approximately US$107 billion acquisition closed on 10 October 2016. SABMiller ceased to exist as an independently traded company and became a business division and collection of operating assets within AB InBev. Regulatory divestitures transferred the Miller portfolio to Molson Coors and several European beer businesses, including Peroni, Grolsch, Meantime and Pilsner Urquell, to Asahi. The SABMiller corporate name was consequently retired, although several former subsidiaries and brands continued under new ownership.

SABMiller traced its origins to South African Breweries, established in 1895 to serve miners and prospectors in and around Johannesburg. The company quickly became an important industrial enterprise and listed on the Johannesburg Stock Exchange in 1897. During most of the twentieth century, its operations were centered in southern Africa, where it built a broad brewing and distribution network and became the leading brewer in South Africa. The company began a decisive international expansion in the early 1990s, entering European markets and acquiring brewing interests outside its traditional southern African base. In 1999, it created a United Kingdom-based holding company, SAB plc, and shifted its main stock-market listing to London. The new structure supported an acquisition-led strategy across both emerging and developed markets. The most important early transaction in this phase was the 2002 purchase of Miller Brewing Company from Altria. The combined group was renamed SABMiller plc, giving it a substantial US presence and a portfolio of recognizable Miller brands. It later acquired a major interest in Bavaria in Colombia, expanding its Latin American position and adding brands such as Aguila and Club Colombia. SABMiller also developed operations in Central America, India, China, Eastern Europe and other markets where local beer brands had strong distribution advantages. In China, SABMiller held 49 percent of China Resources Snow Breweries, whose Snow brand became the country's leading beer by volume. In the United States, SABMiller and Molson Coors formed MillerCoors in 2008. The joint venture combined production and marketing capabilities while preserving the Miller and Coors brand portfolios. In Australia, SABMiller acquired Foster's Group in 2011 after a contested takeover process. The group also experimented with products tailored to African markets, including Impala, a cassava beer launched in 2011. SABMiller's business extended beyond brewing. It was a significant Coca-Cola bottler in Africa and selected Central American countries, and in 2014 it agreed with The Coca-Cola Company and Gutsche Family Investments to create Coca-Cola Beverages Africa. The group also held a 39.6 percent interest in hospitality and casino company Tsogo Sun before announcing its disposal in 2014. These activities reflected a strategy of using distribution infrastructure and local partnerships to build a wider beverage platform. By the middle of the 2010s, SABMiller operated in roughly 80 countries and sold approximately 21 billion litres of beverages in 2009, according to the company's historical profile. Its portfolio mixed global brands such as Miller, Foster's, Pilsner Urquell, Peroni and Grolsch with more than 150 local or regional labels. In 2015, it rejected or resisted approaches associated with a possible combination with Heineken, but later became the subject of Anheuser-Busch InBev's acquisition proposal. The AB InBev transaction was announced in 2015 and completed on 10 October 2016 for approximately US$107 billion. To secure regulatory clearance, the parties agreed to extensive divestitures. Molson Coors acquired the global Miller brand portfolio outside the United States and Puerto Rico and retained the relevant MillerCoors rights in those territories. Asahi acquired Peroni, Grolsch and Meantime and later bought SABMiller's former Central and Eastern European business, including Pilsner Urquell and Tyskie. SABMiller's interest in Snow was sold to China Resources, while Coca-Cola acquired AB InBev's interest in parts of the former Coca-Cola bottling network. SABMiller's independent corporate identity and stock-market listings ended with the transaction, while selected operating companies continued under AB InBev or subsequent owners.

1. 2016Acquisition by Anheuser-Busch InBev

   AB InBev completes its acquisition of SABMiller on 10 October, ending SABMiller's independent corporate existence.

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2. 2011Foster's acquisition and Impala launch

   SABMiller completes the Foster's acquisition and launches the cassava beer Impala in Africa.

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3. 2008MillerCoors is formed

   SABMiller and Molson Coors combine their US brewing operations in a joint venture.

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4. 2002Miller Brewing is acquired

   The purchase of Miller Brewing from Altria leads to the adoption of the SABMiller name.

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5. 1999Primary listing moves to London

   A new UK-based holding company, SAB plc, is formed and the group's primary listing is transferred to London.

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6. 1897First Johannesburg Stock Exchange listing

   The company becomes the first industrial company listed on the Johannesburg Stock Exchange.

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7. 1895South African Breweries is founded

   South African Breweries is established in Johannesburg to serve the mining and prospecting economy.

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A multinational brewer combining mass-market, premium and locally dominant beer brands across developed and emerging markets.

• MillerBeer portfolio

  The Miller portfolio was SABMiller's principal North American and international brand family. It included mainstream and premium products such as Miller Lite, Miller Genuine Draft, Milwaukee's Best, Hamm's and Miller Chill. Following the 2016 merger, the portfolio was divested to Molson Coors as part of the regulatory remedy.

• Pilsner UrquellPremium lager

  A historic Czech pale lager and one of SABMiller's most internationally recognizable European beer assets. It was included in the Central and Eastern European business later sold to Asahi after the AB InBev transaction.

• CastleSouth African beer portfolio

  Castle-branded products formed a core part of South African Breweries' domestic portfolio. The range included Castle Lager, Castle Lite, Castle Milk Stout and other variants, supported by the company's long-established South African brewing and distribution network.

• SnowChinese lager

  Snow was produced through China Resources Snow Breweries, a partnership in which SABMiller held a 49 percent interest. It became one of the world's highest-volume beer brands and the leading beer by volume in China. SABMiller's interest was sold to China Resources in 2016.

• Foster'sAustralian lager

  Foster's was the best-known asset acquired through SABMiller's takeover of Foster's Group in Australia. The broader Australian portfolio also included Carlton Draught, Victoria Bitter, Cascade and Pure Blonde. The former Carlton & United Brewing business was later sold by AB InBev to Asahi.

• Peroni, Grolsch and MeantimeEuropean beer portfolio

  These European brands represented SABMiller's international premium and specialty positioning. Peroni Nastro Azzurro, Grolsch and Meantime were sold to Asahi in October 2016 as a condition associated with the AB InBev merger.

• ImpalaCassava beer2011

  Impala was introduced in Africa in 2011 as SABMiller's first commercially produced cassava beer. It adapted a locally familiar crop into an industrial beer product and was intended to broaden access to beer while using regional agricultural inputs.

• 2013Producers' commitments to reduce harmful drinking

  International

  SABMiller joined other major alcohol producers in a collective set of commitments addressing harmful drinking, including responsible marketing and efforts to support more responsible consumption.

  Outcome. Participation in an industry-wide responsible-drinking initiative.

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• 2016Regulatory divestitures following AB InBev mergerM&A

  Competition authorities required the combined company to reduce overlapping beer assets and brand ownership.

  What changed. Miller brands were sold to Molson Coors, while Peroni, Grolsch, Meantime and later the Central and Eastern European brewing business were sold to Asahi; the Snow interest was sold to China Resources.

  Aftermath. The disposals reshaped ownership of major international beer brands and enabled the merger to proceed.

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• 2015Agree to AB InBev acquisitionM&A

  The combination was intended to unite two of the world's largest brewing groups, but raised competition concerns in multiple markets.

  What changed. SABMiller agreed to be acquired by Anheuser-Busch InBev for approximately US$107 billion, subject to regulatory clearances.

  Aftermath. The deal closed in 2016 after substantial divestitures, and SABMiller ceased to operate as an independent listed company.

  Acquisition value. Approximately US$107 billion (2015 announced transaction; completed 10 October 2016)

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• 2008Create MillerCoorsM&A

  SABMiller and Molson Coors sought operating scale in the competitive United States beer market.

  What changed. Their US brewing businesses were combined in the MillerCoors joint venture.

  Aftermath. MillerCoors became a major US brewing company and remained central to the regulatory remedies required for the later AB InBev merger.

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• 2002Acquire Miller Brewing CompanyM&A

  SAB sought a major platform in the North American beer market and an internationally recognizable brand portfolio.

  What changed. The company acquired Miller Brewing from Altria and changed its corporate name to SABMiller.

  Aftermath. The transaction accelerated the group's transformation from a southern African brewer into a global brewing company.

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• 2016AB InBev acquisition closes and SABMiller ceases independent trading

  The acquisition closed on 10 October 2016, ending SABMiller's existence as an independent listed company.

  M&ALeadership change
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• 2015SABMiller agrees to acquisition by Anheuser-Busch InBev

  Anheuser-Busch InBev announced a proposed acquisition of SABMiller that would combine the two largest global brewing groups, subject to shareholder and regulatory approval.

  M&A
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• 2011SABMiller launches Impala cassava beer

  The company introduced Impala in Africa as a commercially produced cassava-based beer aimed at local consumers and agricultural supply conditions.

  Product launch
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• 2011SABMiller completes Foster's acquisition

  SABMiller acquired Foster's Group, strengthening its position in Australia's beer market.

  M&A
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• 2008MillerCoors joint venture begins operations

  SABMiller and Molson Coors completed the combination of their US brewing operations into MillerCoors following antitrust approval.

  M&A
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1. SABMiller
2. MillerCoors
3. Anheuser-Busch InBev
4. SABMiller完成对Foster's的收购