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Anheuser-Busch Inbev is engaged in the brewing of beer. Co. manages a portfolio of well over 200 brands that includes brands such as Budweiser, Stella Artois and Beck's; multi-country brands such as Leffe and Hoegaarden; and other brands such as Bud Light, Skol, Brahma, Quilmes, Michelob, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske and Jupiler. Co. also produces and distributes soft drinks, particularly in Latin America. Co.'s operations are organized along seven business segments: North America, Mexico, Latin America North, Latin America South, Europe, Asia Pacific and Global Export & Holding Companies.
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Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We believe Asahi is eyeing the opportunity to leverage Carlton & United Breweries' production capacity and ...
Asahi is to acquire Carlton & United Breweries for JPY 1.2 trillion ($11.3 billion) from Anheuser-Busch InBev in a deal we think is financially slightly better for AB InBev than for Asahi. Nevertheless, the valuation effect appears negligible, and we are maintaining our fair value estimates for both companies. From Asahi’s perspective, we were surprised by this development because the deal is much larger than the bolt-on acquisitions that management had previously expressed interest in. We b...
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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