Former Deutsche Bank Adviser Appointed To Brewery Merger
by Stewart Douglas
A former Deutsche Bank adviser in the US has been announced at the forefront of the merger of Molson Coors and SABMiller within the brewery sector, as adviser to Coors in the run up to their ambitious North American joint venture.
The move has seen banker David Jacobs, former chief of the Deutsche Bank investment business in New York, assume position as chief adviser to Molson Coors in the run up to the merger, advising on the capitalisation and finance behind the deal as well as the actual process ahead.
Jacobs will be advising alongside Deutsche Bank, his former employer, on the Molson Coors side of the table, along with Morgan Stanley to round off the investment knowledge and experience they have to offer.
On the other side of the merger, SABMiller will be advised by equity group JP Morgan and Lehman Brothers, providing an allround expertise in the field of business transactions and mergers to ensure the deal goes through smoothly.
Deutsche Bank, under charge of Jacobs, was responsible for overseeing the Molson and Coors merger in 2004 which saw them create the world’s fifth most significant brewing company. After the success of the previous transaction, Molson Coors were quick to bring both parties back on board to advise.
MillerCoors, as the new company will be known will be owned mahorly by SABMiller as reflective of the stronger capital investment injected from that side of the table. Despite the larger equity stake decision making will be set in a fifty-fifty ratio between both companies by way of a shareholders agreement or similar private mechanism.
It is estimated that the economies of scale achievable by the newly merged venture will bring a cost saving of around £260 million a year, mainly through raw material cost savings.
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