Global Antitrust & Trade Regulation Update - October 2008

UNITED STATES

DOJ Extends Review Of InBev's Planned Takeover Of Anheuser-Busch

Global beer conglomerate InBev, S.A. has announced that it received a request for additional information, or "Second Request," from the United States Department of Justice (DOJ) relating to its planned acquisition of Anheuser-Busch, Inc. InBev, which had recently gained Anheuser-Busch's approval of its US$52 billion bid for the company, has pledged to cooperate fully with the DOJ's review. Despite the Second Request, InBev expects to close the transaction before year's end.

Combined, InBev and Anheuser-Busch would be the world's single largest brewer ahead of SABMiller plc. In the United States, Anheuser-Busch controls approximately 50 percent of the beer market, through its Budweiser and Bud Light brands. Direct competition between the brewers is limited as InBev mostly markets more expensive imported beers such as Stella Artois and Beck's. The companies hope that the combination