InBev sticks to Bud deal, third quarter just above forecasts

By Philip Blenkinsop

BRUSSELS (Reuters) - World number-two brewer InBev insisted on Thursday its $52 billion takeover of Anheuser-Busch was on track after third-quarter results slightly exceeded expectations despite rocketing costs.

Belgium's InBev, the brewer of Stella Artois and Beck's, said it was on course to close the purchase by the end of the year in the face of market turmoil that forced the postponement of a $9.8 billion rights issue last month.

Chief Financial Officer Felipe Dutra told a conference call the deal to buy the maker of Budweiser, agreed in July before the financial crisis deepened, was simply awaiting approval by Anheuser shareholders on November 12 and by regulators.

"I'm not anticipating and I do not believe in a change in terms of capital structure and I firmly believe the deal will be closed based on the agreed-upon conditions," he said.

"The rights issue will be executed as part of the capital structure of the transaction," he said, adding the delay was the result of volatility rather than price or demand.

Beer sector consolidation hotted up further on Thursday as Molson Coors Brewing Co emerged as the holder of a 5 percent stake in Australia's Foster's Group.

InBev said EBITDA (earnings before interest, tax, depreciation and amortization) rose 6.5 percent on a like-for-like basis to 1.39 billion euros ($1.79 billion) in the July-September period, from 1.33 billion a year earlier.

A Reuters poll of eight analysts had produced a consensus of 1.37 billion.