Anheuser-Busch to Cut $1 Billion in Costs, Buy Stock |
| Bloomberg - Jun 27, 2008 |
Anheuser-Busch Cos. said it plans to cut as much as $1 billion of annual costs and buy back more shares to boost its stock after rejecting InBev NV's $46.3 billion takeover offer.
The biggest U.S. beermaker forecast 2008 earnings that may rise the most in six years, sending the shares up as much as 2.4 percent in New York trading. Anheuser-Busch will shrink its payroll 10 percent to 15 percent through an early retirement program, Chief Financial Officer Randolph Baker said on a conference call today.
Anheuser-Busch announced the plans more than two weeks after InBev unveiled its unsolicited proposal, which would unite Budweiser beer with Stella Artois, Beck's and Bass. Some members of the family that has run Anheuser-Busch for five generations, including Chief Executive Officer August A. Busch IV, have said they want to keep the brewer independent.
Read Full Article from Bloomberg
- Posted: 2008-06-27 11:10:31
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