Credit crisis may lead InBev to revisit Anheuser deal

By Martinne Geller - Analysis

NEW YORK (Reuters) - As the closing date for InBev NV's INTB.BR $52 billion takeover of Anheuser-Busch Cos Inc BUD.N nears, some investors fear they may be forced to renegotiate or even shelve the debt-financed deal to create the world's largest brewer.

A banking industry meltdown and corresponding market volatility has already caused the Belgium-based brewer to postpone a $13.4 billion rights issue it planned in connection with the deal. Analysts say there could be more changes in store.

Some possibilities include offering a stock component in return for Anheuser shares, instead of the current cash deal terms, as well as trying to persuade its merger partner to accept a lower deal price as tumbling stock markets wipe out trillions of dollars of assets worldwide.

"If you combine the amount of money they're raising and the uncertainties in the credit markets ... I think common sense will tell you there's reason to be somewhat concerned," said Edward Jones analyst Jack Russo.

"Could this thing get delayed? Could it get restructured? These are all possibilities," Russo said, adding that he expects the deal to close within days of a scheduled November 12 vote by Anheuser shareholders.

An InBev spokeswoman said this week that the deal remains on track to close by the end of the year.

Russo also cited cigarette maker Altria Group Inc (MO.N), which said earlier this month it may delay buying UST Inc UST.N until next year.

InBev, which makes Stella Artois and Beck's, has repeatedly said the deal remains on track. But Anheuser's shares have remained well below the $70 deal price, proving at least some investors are skeptical.