December 15, 2016 / 8:10 AM / 2 years ago

UPDATE 1-AB InBev to sell stake in S.Africa's Distell to state fund

(Adds details on Distell)

JOHANNESBURG/LONDON, Dec 15 (Reuters) - Anheuser-Busch InBev will sell its stake in South Africa’s Distell Group to state-owned pension fund Public Investment Corp, it said on Thursday, as agreed during its takeover of SABMiller.

South Africa’s Competition Commission made the disposal a condition of the $100 billion takeover.

The 26.4 percent stake in Stellenbosch-based Distell, which makes wine, spirits and ciders, is worth roughly 9 billion rand ($645 million) based on its closing price on Wednesday.

Distell’s other large shareholders, Remgro Ltd and Capevin Holdings Ltd, had pre-emptive rights in relation to the stake, but AB InBev said they confirmed they would not exercise them.

Distell shares were flat in Johannesburg at 0800 GMT.

$1 = 13.9629 rand Reporting by Nqobile Dludla and Martinne Geller; editing by Gopakumar Warrier and Jason Neely

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