(Alliance News) - Anheuser-Busch InBev NV said on Thursday it will partake in a broader plan by Altria Group Inc to sell a portion of its stake in AB InBev.

The Leuven, Belgium-based drinks and brewing company revealed on Wednesday that Altria intended to sell a total of 35 million shares as part of its global offering. Altria currently holds around 197 million shares in AB, representing roughly 10% ownership.

AB InBev said on Thursday it had agreed to buy back 3.3 million own shares from Altria for USD200 million as part of this global offering.

The company is offering USD59.96 for Altria shares. It said Altria had granted the underwriters a 30-day option to purchase up to an additional 5.25 million shares. It also agreed to a 180-day lock-up of its remaining AB InBev shares.

On completion of the global offering, Altria's stake in AB InBev will fall to about 8.1% from some 10%, or around 7.8% if the underwriters fully exercise their option to purchase additional shares.

Altria's intention to cut its stake in AB InBev comes after AB InBev recently completed its USD1 billion share buyback launched in October last year.

"Altria remains a significant shareholder of our company and we look forward to continuing our important shareholder relationship with them," AB InBev Chief Executive Officer Michael Doukeris said on Wednesday.

In Johannebsurg, AB InBev stock ended 3.8% lower at ZAR1,148.23 on Thursday. The stock in Brussels lost 4.6% to EUR56.10. In New York, shares in Altria rose 1.0% to USD43.80.

By Artwell Dlamini, Alliance News reporter

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