Today's letter from the Editor
The Business Matrix: Saturday 30 June 2012
Anheuser raises Mexican stake
The world's biggest brewer, Anheuser-Busch InBev, will take full control of Corona Extra beer maker Modelo in a $20.1bn (£12.9bn) deal. It is the latest move by a Western brewer to tap rapid emerging market growth. Under the deal, the owner of Budweiser will swallow the half of Mexico's Grupo Modelo it doesn't already own, giving the Belgian-Brazilian multinational a 50 per cent-plus market share in Mexico.
£2bn for British creditors of MFG
As much as $3.2bn (£2bn) could be returned to creditors of the British arm of failed broker MF Global, according to administrators at KPMG. Claims could reach $3.9bn, and the administrator estimated a minimum of $2.8bn is available to settle claims against MF's estate. The US parent company filed for bankruptcy in October after being flooded with margin calls following disastrous bets placed on eurozone government debt.
Melrose snaps up German Elster
Manufacturing investment group Melrose struck its first deal in four years today after agreeing to buy German utility-meter maker Elster Group for $2.3bn (£1.5bn). Melrose, which buys manufacturing firms it feels are underperforming and tries to turn them round and sell them, said the bulk of the cash to pay for the deal will come from a fully underwritten £1.2bn rights issue.
Betfair banks a £1bn euro bonus
The Euro 2012 football championships have been Betfair's most successful ever sporting event. It has taken in more than £1bn of bets. For the year to April, revenue climbed 6 per cent to £390m, while profits were £14m higher at £41.6m. That represents a return to form for Betfair, which has stumbled since a controversial – some say overpriced – float in 2011.
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