Interbrew thinks big

Planned IPO values Belgian brewery above Anheuser-Busch

Nov 8, 2000 - Interbrew, the world's second largest brewer, plans to raise as much as 3.3 billion euros ($2.8 billion) to fund expansion with its first sale of shares to the public after six centuries as a private company.


The maker of Bass in England, Stella Artois in Europe and Rolling Rock in the U.S. said it will sell shares for between 30 euros and 38 euros each. At the high end, Interbrew would fetch 27 times operating profit per share, while Anheuser-Busch, the world's biggest brewer, trades at 18 times.

The Belgian company, which has acquired 30 rivals since 1991, is pushing ahead with the sale before U.K. regulators have ruled on its $3.3 billion takeover of the Bass brewing business.

If the share sale goes ahead as planned, it would be completed before the U.K. competition commission issues its report on the Bass Breweries takeover to the government on Dec. 6. The new shares are slated to begin trading on the Brussels stock exchange Dec. 1.

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