On Breakingviews - Morgan Stanley’s Asian crown gets Bud-shaped dent, says AlecMac11
Carlos Brito, Chief Executive of Anheuser-Busch InBev, holds a non-alcoholic Jupiler beer bottle during a news conference in Leuven, Belgium March 1, 2018. REUTERS/Francois Lenoir
What was due to be the year’s biggest IPO fell flat on Friday after AB InBev pulled the deal, citing “market conditions”. There was a more basic problem: price. Investors didn’t reckon Budweiser Brewing Company APAC, which is exposed to slower growth markets like Australia as well as fast-growing China, should trade at a valuation multiple above peers, Reuters reported.
It’s possible that AB InBev wasn’t prepared to get out of bed for less than $10 billion. Boss Carlos Brito has said publicly he would only float the unit if the terms were good for the company. In that case, Morgan Stanley and JPMorgan may have had little choice but to go along with a price range that was out of whack with what the market was willing to pay. Still, it’s an adviser’s job to manage expectations, and to back out of a deal if the price a company wants is unachievable.
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