BELGIUM: AB InBev underlying sales up strongly in Q3 | Progresiv
Anheuser-Busch InBev has reported better-than-expected underlying sales growth for its fiscal third quarter, and raised its forecast for the full year. The group also pushed back a deadline for putting forward a formal bid for SABMiller, though it said it was “working hard” to meet the new target. 
For the quarter, revenues grew by 7.9% to 11.4 billion dollars on an organic basis, the strongest such growth in six quarters, while volumes grew by 1.5% on the same basis. On a reported basis, however, revenue was down 7%, while net profit fell by 45% to 1.38 billion dollars, and volumes were up just 0.9%.
AB InBev now has until 11 November to offer a formal takeover bid for SABMiller, from its earlier deadline of 28 October. The group said it has completed due diligence and has reconfirmed the key details of the offer. Felipe Dutra, CEO of AB InBev, said the two sides will work “proactively” with regulators to resolve anti-competition issues, noting: “Asset sales are not preconditions for the transaction”. The group also said it expects sales to accelerate in the second half of the year and be up by mid-to-high-ingle-digits for the year. (www.kamcity.com)
