Budweiser brewer sells Australian unit to pay off debt

FILE - In this Thursday, March 3, 2011 file photo, a man walks past the AB InBev logos, in Leuven, Belgium. AB Inbev, the world's biggest brewer with brands like Budweiser and Corona, is selling its unit in Australia to reduce debt after it decided against listing shares in Asia. The company said Friday, July 19, 2019 it is selling Carlton & United Breweries for $16 billion AUD ($11.3 billion) to Japanese brewing rivals Asahi Group. (AP Photo/Yves Logghe, file)

BRUSSELS — AB Inbev, the world's biggest brewer with brands like Budweiser and Corona, is selling its unit in Australia to reduce debt after it decided against listing shares in Asia.

The company said Friday that it is selling Carlton & United Breweries for $16 billion AUD ($11.3 billion) to Japanese rival Asahi Group.

AB Inbev, which is based in Belgium, said it will use almost all the money from the deal to pay down debt. The company has accrued high debt after going on an acquisition spree, including buying Anheuser-Busch in 2008 and its next closest rival, SABMiller, in 2015.

The company had planned to list some shares on the Hong Kong Stock Exchange but said this month it no longer plans to do so due to tough market conditions.

People also read these

Opposition calls for nationwide protests of...

May 12, 2019

Albania's center-right opposition parties kept demonstrations calling for the resignation of the...

Albania protesters hurl firebombs after calls for...

May 13, 2019

Anti-government protesters in Albania have hurled firebombs and flares at riot officers standing in...

Albania holds local elections amid political...

Jun 30, 2019

Albanians have started to cast ballots to elect mayors and city councils, or parliaments amid a...

Exit poll shows Armenia's ruling party with wide...

Apr 2, 2017

Armenians have voted in the country's first parliamentary election since the ex-Soviet nation...

Armenia gets new leader, man who spearheaded the...

May 8, 2018

The man who spearheaded weeks of protests in Armenia was chosen to be the country's prime minister...

Sign up now!

About Us

24-7 Reporters publishes up-to-the-minute news 24 hours a day, 7 days a week. Our certified reporters are among the most experienced, well-trained and talented across the globe, covering issues resonating progressives in every corner of the world.

Contact us: sales[at]24-7reporters.com