Posted: Friday, June 27, 2008, 10:50AM
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Battle of the brewers set to turn nasty
The battle between two of the world's largest brewers has been handed some extra fizz after Anheuser-Busch - the makers of Budweiser - told InBev that its $46bn bid was "financially inadequate". InBev has since filed documents in the Court of Chancery in Delaware, aimed at launching a proxy battle to remove Anheuser's entire board, citing "delays and apparent plans to attempt to block the acquisition".
August Busch IV, Anheuser's chief executive, wrote to his InBev counterpart, Carlos Brito, claiming that the Belgian-Brazilian giant's original bid undervalued his company's earning potential.
InBev has said it still wants to enter into a "constructive dialogue" with the American firm over its $65-a-share offer.
Mr Busch has previously said that the US brewer - who control half of America's beer market - was "not for sale".
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