Posted 3/14/2024, 1:52:02 PM
Altria Sells Part of AB InBev Stake, AB InBev Announces Buyback After Share Drop
- Anheuser-Busch InBev's shares fell over 4% after Altria announced it would cut its 10% stake in the brewer
- Altria is selling around 35 million AB InBev shares, about a fifth of its total holding, at a 6.5% discount to previous day's closing price
- AB InBev plans to buy back $200 million worth of its own shares
- The sale reduces Altria's holding in AB InBev to around 8.1%
- Altria wants to use proceeds from the sale to fund additional buybacks of its own stock
