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AB InBev Withdraws 2020 Outlook

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AB InBev Withdraws 2020 Outlook

AB InBev Withdraws 2020 Outlook
March 31
10:44 2020
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Given the uncertainty, volatility and fast-moving developments of the COVID-19 pandemic in the markets in which AB InBev operates, the global brewer has withdrawn its 2020 Outlook, which was  announced on 27 February 2020. However, since 27 February 2020, the scale and magnitude of COVID-19 has increased significantly, resulting in restrictions imposed on many customers, as well as other limitations and social distancing measures in many countries in mid-March 2020.

Carlos Brito, chief executive of AB InBev, states: “We are living in extraordinary times. The COVID-19 pandemic represents unprecedented challenges for societies, governments and businesses across the world. The health and safety of our colleagues and communities continues to be our number one priority and we are doing our part globally through production of hand sanitizer and disinfectants, bottling of emergency relief water and other actions. We are working closely with governments, local authorities, business partners, communities and stakeholders.”

He continues: “We continue to implement our business continuity plans and are preparing for a strong recovery, learning from the experiences of our operations across the world. Since the beginning of the outbreak in China, our local team demonstrated tremendous resilience and agility, supported by colleagues from all our markets. Our team in China took bold actions to adapt our business, from brewing operations to connecting with customers and consumers, in response to a volatile environment and changing behaviors. Their efforts were remarkable, and their experience and insight continue to benefit our operations around the world. We are proud of the resilience and commitment of our teams. Our diverse geographic footprint, unparalleled portfolio of brands, clear commercial strategy and talented people will continue to take us forward.”

AB InBev is proceeding with the agreed sale of its Australian subsidiary Carlton & United Breweries to Asahi Group Holdings for Au$16 billion, equivalent to approximately US$11 billion. The parties continue to cooperate with the Australian Competition and Consumer Commission (ACCC) and Foreign Investment Review Board (FIRB) with a view to obtaining the necessary approvals and closing the transaction as soon as possible in the second quarter of 2020.

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