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BUD

AB InBev

$126.20

-1.06 (-0.83%)

, SBMRY

SABMiller

$56.48

-0.6 (-1.05%)

12:00
10/07/16
10/07
12:00
10/07/16
12:00

Teamsters urge court intervention to protect public interest in beer merger

In a comment letter submitted to the Antitrust Division of the U.S. Department of Justice this week, the International Brotherhood of Teamsters criticized the government's failure to effectively remedy the harm to competition resulting from the largest beer merger in history - the $107B merger of Anheuser-Busch InBev (BUD) with SABMiller (SBMRY). The letter urges the District Court to exercise its authority and responsibility under the Tunney Act to deny approval of the settlement because it is not in the public interest. The letter notes that the Tunney Act requires the court to take into account "...competitive considerations bearing upon the adequacy" of the proposed settlement. In this case, those "competitive considerations" include DOJ's past and present statements about competition in the beer industry, its past enforcement decisions in beer mergers, its own statements of enforcement policy and independent economic analysis of the competitive effects arising from past beer mergers. Such competitive considerations are particularly relevant, as DOJ has alleged that the beer market is highly concentrated, has high entry barriers and is subject to tacit collusion between the two largest brewers in the United States, Anheuser-Busch InBev and MillerCoors. All of these factors have led to higher prices for beer drinkers. DOJ explicitly states in its court papers that the ABI/SABMiller merger, even with the sale of SABMiller's stake in MillerCoors, could actually make the tacit collusion problem that has plagued the industry worse. The remedy DOJ has proposed is to place certain conditions on ABI's distribution practices and ownership of distributors, and to require ABI to provide notice of future acquisitions prior to their consummation. DOJ accepted this weak settlement despite its own practice and policy of requiring divestitures in horizontal mergers, despite its own criticism of behavioral remedies and despite economic scholarship showing that such remedies rarely work. There is a straightforward and obvious fix to protect the public interest in this beer merger," said Jim Hoffa, Teamsters General President. "Forcing the sale of the dormant Eden brewery will help address anticompetitive effects of this merger, restore confidence in our country's antitrust enforcement and put people back to work in North Carolina. We urge the court to exercise its authority in this case."

BUD

AB InBev

$126.20

-1.06 (-0.83%)

SBMRY

SABMiller

$56.48

-0.6 (-1.05%)

BUD AB InBev
$126.20

-1.06 (-0.83%)

09/13/16
09/13/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Chevron (CVX) initiated with an Outperform at BMO Capital. 2. AB InBev (BUD) initiated with a Buy at Jefferies. 3. Altria Group (MO) and Reynolds American (RAI) were initiated with a Buy at Citi while the firm initiated Philip Morris (PM) with a Neutral. 4. Under Armour (UA) initiated with a Neutral at Nomura. 5. Xerox (XRX) initiated with a Buy at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/29/16
HSBC
09/29/16
NO CHANGE
HSBC
Buy
AB InBev's goal may be to acquire Coca-Cola, says HSBC
HSBC analyst Anthony Bucalo says SABMiller's (SBMRY) merger with AB InBev (BUD), which its shareholders just approved, will impact "nearly every major company across global beverages," especially Heinenken (HINKY). The combined company "represents a strong vehicle for another transaction" if InBev management chooses to do so, Bucalo tells investors in a research note dated yesterday. The analyst believes AB InBev's ultimate goal is the possible acquisition of The Coca-Cola Company (KO). The entire Coca-Cola bottling system, especially for Mexican giant FEMSA (FMX), is impacted by SABMiller joining with AB InBev, Bucalo contends.
10/05/16
MSCO
10/05/16
INITIATION
MSCO
Overweight
AB InBev coverage resumed with an Overweight at Morgan Stanley
Morgan Stanley analyst Oliver Nicolai resumed coverage on AB InBev with an Overweight saying the SAB acquisition significantly increases volume and sales growth.
10/05/16
10/05/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Netflix (NFLX) initiated with a Buy at Loop Capital. 2. AB InBev (BUD) coverage resumed with an Overweight at Morgan Stanley. 3. Flowers Foods (FLO) initiated with a Neutral at DA Davidson. 4. Blue Buffalo Pet Products (BUFF) initiated with a Buy at DA Davidson. 5. 58.com (WUBA) initiated with a Buy at Deutsche Bank. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
SBMRY SABMiller
$56.48

-0.6 (-1.05%)

03/22/16
03/22/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. EP Energy (EPE) downgraded to Underperform and Underweight at BofA/Merrill and Capital One, respectively, with analysts saying EP Energy's planned sale of Haynesville for $420mm is not a surprise and balance sheet headwinds remain. BofA/Merrill continues to see leverage as a headwind and does not see how the company can live within its cash flow while production declines in 2016. 2. Amazon.com (AMZN) downgraded to Outperform at Raymond James by analyst Aaron Kessler, who expects Amazon's pace of margin expansion to slow and he sees increased competition to its Web Services unit from Google's (GOOG, GOOGL) Cloud Platform. 3. Copa Holdings (CPA) downgraded to Sell at Evercore ISI by analyst Duane Pfennigwerth, who cited recent shares strength. 4. Infinity Pharmaceuticals (INFI) downgraded to Underperform from Neutral at Wedbush. 5. SABMiller (SBMRY) downgraded to Underperform at CLSA. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/19/16
STFL
07/19/16
NO CHANGE
STFL
SABMiller deal could be blocked, terms may be sweetened says Stifel
Stifel believes that a minority SABMiller (SBMRY) shareholders could "effectively block" the company's proposed acquisition by AB InBev (BUD). The firm thinks that the deal's small premium and "the illiquidity" of AB's stock that would be transferred in the alternative, partial stock offering could motivate SABMiller's shareholders to block the deal. The firm thinks that AB InBev could sweeten the terms of the deal.
07/29/16
SBSH
07/29/16
UPGRADE
Target $115
SBSH
Buy
Molson Coors upgraded to Buy from Neutral at Citi
Citi analyst Wendy Nicholson upgraded Molson Coors (TAP) to Buy citing the recent pullback in the shares. The analyst is optimistic that both the AB InBev (BUD)/SABMiller (SBMRY) and Molson Coors/MillerCoors transactions will close in early Fall 2016. Nicholson raised her price target for the shares to $115 from $101.

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CORI

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AXON

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MDXG

MiMedx

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DRI

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AGN

Allergan

$211.61

6.96 (3.40%)

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AZRE

Azure Power

$16.18

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HEES

H&E Equipment

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NOG

Northern Oil and Gas

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DRI

Darden

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BTX

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MBRX

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GNCA

Genocea

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AKBA

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AXON

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DRI

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