JOHANNESBURG/LONDON (Reuters) - Anheuser-Busch InBev (ABI.BR) will sell its stake in South Africa’s Distell Group (DSTJ.J) to state-owned pension fund Public Investment Corp, it said on Thursday, as agreed during its takeover of SABMiller.
South Africa’s Competition Commission made the disposal a condition of the $100 billion takeover.
The 26.4 percent stake in Stellenbosch-based Distell, which makes wine, spirits and ciders, is worth roughly 9 billion rand ($645 million) based on its closing price on Wednesday.
Distell’s other large shareholders, Remgro Ltd (REMJ.J) and Capevin Holdings Ltd (CVHJ.J), had pre-emptive rights in relation to the stake, but AB InBev said they confirmed they would not exercise them.
Distell shares were flat in Johannesburg at 0800 GMT.
($1 = 13.9629 rand)
Reporting by Nqobile Dludla and Martinne Geller; editing by Gopakumar Warrier and Jason Neely