Missouri's Congressional Delegation Opposes Busch Buyout June 19, 2008
News Summary
Both of Missouri's U.S. Senators and at least one House member from the state have announced their opposition to a proposed buyout of Anheuser-Busch by international brewing conglomerate InBev NV, Reuters reported June 18.
"My Missouri constituents say, 'This Bud's not for you,'" said Sen. Christopher Bond (R-Mo.) after meeting with InBev officials. Sen. Claire McCaskill (D-Mo.) also sent a letter to the Anheuser-Busch board of directors opposing the buyout.
"It would be very shortsighted for the board or shareholders to accept short-term stock values at the expense of the long-term benefit of the company," added Rep. Russ Carnahan (D-Mo.).
Lawmakers expressed concern about the economic impact of a buyout as well as the loss of an iconic American brand.
InBev has hired some high-powered lobbying firms as part of a campaign to support its bid for Bud. Experts say that Congress has no real power to block the deal.
"There is a knee-jerk reaction to a foreign acquisition of what some might consider an American icon. But the very same things are happening overseas to French icons, to German icons," said Nancy McLernon of the Organization for International Investment, which represents foreign companies. "It's important that they (InBev) engage in an effort to educate (lawmakers) and the public on what this acquisition will mean in terms of an economic impact and how it will impact the beer."
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