Philip Morris hedges its bet on Miller sale

From: The Milwaukee Journal Sentinel (Milwaukee, WI) | Date: June 2, 2002| Author: | Copyright information

Philip Morris hedges its bet on Miller sale

By AVRUM D. LANK of the Journal Sentinel staff

Sunday, June 2, 2002

South African Breweries certainly can afford to buy Miller Brewing -- it is putting no cash into the deal.

To land a major foothold in the rich North American beer market and ownership of Miller, a company that throws off millions of dollars of cash every month, SAB merely has to issue 430 million new shares.

True, Miller will come in a leveraged state, holding $2 billion in freshly minted debt.

But carrying that loan, and paying dividends on the new stock, should be no harder for ...

Read all of this article with a FREE trial to HighBeam Research

Related newspaper, magazine, and trade journal articles from HighBeam Research

(Including press releases, facts, information, and biographies)

ALTERNATIVES INCLUDE SPINOFF, IMPROVING BOTTOM LINE Philip Morris has several options with Miller
; ...assets. And while Philip Morris could get billions for Miller, the No. 2 U.S...gain. A spinoff of Miller stock to Philip Morris shareholders. Under...corporate debt to Miller. For those reasons, Philip Morris could structure...
Philip Morris buys Nabisco despite tobacco lawsuit
; Philip Morris buys Nabisco despite tobacco lawsuit Miller to stay in company...House coffee and Miller beer. The purchase will make Philip Morris less reliant on...Jenrette said Miller's status within Philip Morris is unchanged by...
2nd-hand smoke clouds Miller, Kraft Units might have to pay part of any Philip Morris tobacco verdict
; ...doesn't allow Philip Morris to protect Kraft and Miller from the possibility...the stock of Miller and Kraft beyond reach of Philip Morris creditors...Philip Morris." Philip Morris' commitment to keeping Kraft and Miller was reaffirmed...
REPORTS: BREWER HEADED FOR MERGER; PHILIP MORRIS, MILLER'S PARENT COMPANY, MIGHT BE NEGOTIATING A DEAL WITH TWO FOREIGN BEER MAKERS.(GENERAL NEWS)
; ...industry speculation, Philip Morris, Miller's parent company, may...Kathman. I can see that Philip Morris would want to get rid of Miller. Overall beer sales...would make sense for Philip Morris to merge Miller with the foreign brewers...
Smoke, flame and fire: Philip Morris turns up the heat on America's cigarette critics. (Cover Story)
; ...system. And to marshal grass-roots support, Philip Morris recently helped organize a tobacco farmers...corporations support the arts with such fervor. Philip Morris has contributed to dance companies, many...smoke, and many of those who do reach for Philip Morris's Marlboro, Benson ...
[ Philip Morris Cos.'s sale of Miller Brewing Co... ]
; Philip Morris Cos.'s sale of Miller Brewing Co. to...New York-based Philip Morris rose 57 cents...Thursday. Selling Miller is the first transaction...April 2000, after Miller posted a 19 percent...Camilleri said Philip Morris was "addressing...
Philip Morris Likely to Sell Miller Brewing to South African Company.
; ...three decades later, Miller has become one of Philip Morris' biggest headaches. The...was no surprise when Philip Morris put Miller on the block for about...whether SAB can resuscitate Miller. Philip Morris tried to put the fizz...
Philip Morris buying caps in Taiwan.
; ...arms over a proposed Philip Morris, Inc., promotion involving...S. hat manufacturer. Philip Morris admits that it has contracted...government, and they (Philip Morris) have the audacity to...this country who buy Philip Morris products, including Miller beer and ...
More Speculation on Philip Morris Spinoff
; ...YORK Speculation that Philip Morris Cos., the maker of Marlboro...The case for a split of Philip Morris' tobacco from food units...underscoring the value of the Philip Morris food operations. The board of directors of Philip Morris, whose other operations include Oscar ...
Philip Morris Cos. Unlikely to Increase Dividend.
; Knight Ridder/Tribune Business News Aug. 26--Philip Morris Cos. Inc. reportedly won't raise its dividend...giant. Bloomberg News reported that the Philip Morris board of directors is expected to hold off...dividend when it meets in New York today. Philip Morris spokesman Chris Kircher ...