UK court says SABMiller shareholders can split

World

A London court has granted a request from SAB for a split.

The court ruled on Tuesday that SABMiller shareholders can be treated as two separate groups when they vote on the company’s takeover by Anheuser Busch.

The $103 billion deal requires 75 percent approval by SAB shareholders. The largest two which together control about 40 percent of the shares, have already signaled their support.

The judge said it was reasonable for SAB to want to separate the classes to prevent potential delays or challenges at a later stage from dissenting shareholders who might challenge the vote as unfair.

The marriage of the world’s largest brewers was agreed last year with an offer of 44 pounds per share in cash for general shareholders and a discounted cash-and-stock offer aimed at Altria and Bevco to help them avoid large tax bills.

But the arrangement grew contentious recently after a fall in the British currency increased the relative value of the cash-and-stock offer.