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SOUTH AFRICAN BREWERIES CLOSES DEAL ON MILLER

Picks Up Struggling Beer Brand From Philip Morris

By Published on .

BOSTON (AdAge.com) -- South African Breweries' acquisition of Miller Brewing Co. from Philip Morris Cos. was completed today.

The deal forms a

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Philip Morris Gets $5.6 Billion and Stake in World's 2nd-Largest Brewer
new company, the London-based SABMiller, which becomes the world's No. 2 brewer after Anheuser-Busch Cos.

In the deal announced May 30, Philip Morris receives $5.4 billion in stock and debt relief to become SABMiller's largest shareholder.

Management at Miller, which has struggled with declining sales and lost market share, is expected to remain the same.

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