675 jobs to go after giant brewing takeover
Brewing giant AB InBev plans to cut up to 575 UK jobs at rival SABMiller, according to details of its £79bn takeover. SABMiller employs 523 at its base at Woking, Surrey and 51 in London.
The deal, agreed last year, will create the world’s biggest beer firm, producing about 30% of the world’s beer. It has already been approved by both companies’ boards but is still to be voted on by shareholders.
Budweiser brewer AB InBev has already proposed the sale of the SABMiller’s Peroni, Grolsch and Meantime brands to Tokyo-based drinks company Asahi.
Image copyrightGOOGLEImage captionSABMiller’s offices in Woking, Surrey would remain open for a transitional period.
Under the takeover, SAB’s office in Woking would be kept open for a “transitional period” but its central London base would be wound down.
SAB’s headquarters would move to AB InBev’s existing base at Leuven, Belgium.
A spokeswoman for Budweiser brewer AB InBev said: “SABMiller’s existing UK locations will be significantly impacted after the combination completes.
“Any changes affecting employees in the UK would be implemented with due respect for applicable legal considerations and consultation requirements.”
Last Friday SAB’s board accepted an improved offer from AB InBev, valuing the brewer at £79bn, after the pound’s fall against the dollar made the original terms less attractive.
But shareholder Aberdeen Asset Management said it would vote against the deal, as it thought the company was still undervalued and it was “uncomfortable” with the structure.