December 15, 2016 / 7:59 AM / a year ago

AB InBev to sell stake in South Africa's Distell to state fund

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.

The logo of Anheuser-Busch InBev is pictured outside the brewer's headquarters in Leuven, Belgium February 25, 2016. REUTERS/Yves Herman/File Photo

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

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