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Battle of brewers starts in Delaware

June 26, 2008 at 9:13 PM   |   Comments

DOVER, Del., June 26 (UPI) -- The world's largest brewer, InBev, launched a legal salvo in Delaware Thursday in an attempt to take over U.S. beer giant Anheuser-Busch, court papers said.

InBev is seeking a legal ruling that declares shareholders can remove Anheuser's 13 board members without giving cause, the Financial Times reported.

Anheuser's board has not responded to InBev's $46 billion purchase offer, although sources close to the company said it was preparing to reject the bid.

Anheuser's Chief Executive Officer August Busch IV told InBev, before the offer was made, that Anheuser was "not for sale" the Times reported.

InBev has been seeking shareholder support, claiming it would not change the traditions of the company, the Times reported.

In media reports included in court papers filed Thursday, Anheuser was expected to propose selling non-essential businesses, such as its theme parks, to trim costs, the Times reported.

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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