News Briefs for July 9, 2012July 9, 2012
•Central European Distribution Corp. (CEDC) said today that chairman and CEO William Carey will step down, with the company’s lead director David Bailey set to move into the CEO role on an interim basis. Meanwhile, Russian Standard chairman and CEDC investor Roustam Tariko has been added to the CEDC board. Concurrently, Tariko’s Roust Trading reconfirmed its strategic alliance and investment in CEDC, pledging to purchase up to $210 million in newly issued CEDC senior notes, which will bring Roust’s stake in CEDC to 28%. CEDC added that Roust has been authorized by CEDC’s board to pursue additional shares of common stock on the open market (subject to Polish regulatory review), with its total CEDC holding not to rise above 42.9% (that threshold was previously 33%). Tariko said last month he intended to gain control of CEDC, whose lower-priced vodka brands complement Russian Standard’s own premium vodka portfolio, adding, “how we do it will be the subject of future negotiations.”
•Following its recent $20-billion acquisition of the 50% stake in Mexico’s Grupo Modelo that it didn’t already own, Anheuser-Busch InBev will name Modelo vice chairman Maria Asunción Aramburuzabala and vice president Valentín Díez Morodo to its board, reports Bloomberg Businessweek. Both are also on the board of Mexico City-based Modelo. Neither A-B InBev or Modelo has confirmed the report, but they jointly stated that two new A-B board members will invest $1.5 billion from selling their Modelo shares into A-B InBev shares, delivered within five years via a deferred share instrument.
Tagged : ABI, CEDC, Russian Standard