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

Reuters - UK Focus

(Adds details on Distell)

JOHANNESBURG/LONDON, Dec (Shanghai: 600875.SS - news) 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 (Other OTC: SBMRY - news) .

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 (Brussels: ABIT.BR - news) 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)