InBev CEO made lots of promises in $52B A-B deal

NEW YORK -- With eight acquisitions in four years, InBev CEO Carlos Brito has learned some things about takeovers.

During the sometimes rocky courtship, InBev vowed to evoke A-B's heritage in a new company name, keep the 12 U.S. breweries, keep St. Louis as A-B's home and give A-B seats on the new company board.

All, he says, are part of the final deal to create Anheuser-Busch InBev, of which he'll be CEO. "I have to prove myself," Brito said in a phone interview. "The first proof of it was the name. It's a small thing, but it's the first thing."

He also agreed to keep A-B in St. Louis and keep the breweries open, though he did not rule out possible layoffs.

Current A-B CEO August Busch IV will take one of two non-executive A-B seats on the board. Said Busch, in a Monday conference call, "I'm confident in Brito's leadership and that he is a man of his word."

First, Brito has to get shareholder and regulatory OKs. A-B shareholders, who'll get $70 a share, are expected to approve. He sees regulatory clearance by year's end, "because this is a deal about complementary operations, not overlapping."

He will visit St. Louis this week to meet employees and top executives and begin forming a team: "Identifying people, opportunities and roles is one of the things we most like to do."

Other items on Brito's to-do list:

•Cut costs. A-B attempted to rebuff InBev's initial offer with a $1 billion cost-saving plan. InBev built on that plan, which included more than 1,000 white-collar early retirements and the shedding of non-core assets. A-B's packaging and theme-park units are possible targets.

•Appease Grupo Modelo. The Corona brewer has an opportunity to buy back A-B's 50% stake in a change of ownership. "We think we can be a great partner and see this offer as no impediment to Modelo," Brito says.

• Grow A-B globally. Brito has plans for Europe, Latin America and Asia. "Budweiser has great potential outside the U.S.," says Brito.