Marlboro maker Altria Group said it plans to sell more than $2.2bn worth of its shares in Budweiser and Beck’s brewer AB InBev.
Altria on Wednesday announced it planned to offload 35mn of its shares in the brewer via a secondary offering of American Depositary Receipts in the US, and private placements of shares in Europe and the UK.
The cigarette manufacturer currently owns about 10 per cent of the brewer, with a holding of about 197mn shares.
Additionally, AB InBev said in its regulatory filing it had agreed to repurchase $200mn of ordinary shares directly from Altria.
AB InBev’s US shares closed up almost 2 per cent at $64.55 on Wednesday, but were down 3 per cent in after-hours trading.
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