| | Beer-heiress McCain to profit from foreign takeover of Anheuser Bush
Cindy McCain, whose fortune from her father's beer distributor has helped fund her husband's political career, stands to get even wealthier once iconic American brewery Anheuser-Busch Cos. is sold to a Belgian company.
The Wall Street Journal reports McCain's substantial holdings in the company, which is being sold to InBev for $52 billion.
McCain, the heiress to the third-largest Anheuser distributor, owns at a minimum $1 million in the American company, according to John McCain’s Senate financial disclosure forms, which don’t offer any more information for large assets held by his spouse. Under the deal, she and other stockholders will get a cash payout for the stock, which is owned through her company, Hensley and Co.
Anheuser’s stock price opened at $67.55 today, almost a 50% gain over the near $47 price in February when the possibility of a deal was made public. Cashing out could leave the McCains with hefty capital gains, which would be taxed at a rate of 15% under the Bush tax cuts that John McCain opposed and now supports. (Barack Obama has proposed raising the capital gains tax.)
Hensley and Co., founded by Cindy McCain’s father, has an exclusive distribution deal for Budweiser and other products in the Phoenix area. The merger is unlikely to affect that arrangement, and the company already sells InBev brands, including Stella Artois and Beck’s, through an existing agreement with Anheuser.
The Associated Press earlier this year examined McCain's finances finding her fortune, which is at least $100 million, has allowed John McCain, the GOP presidential candidate, to enjoy trips on private jets and vacation homes around the country.
Anheuser-Busch Cos. said early Monday it had agreed to a sweetened $52 billion takeover bid from InBev, creating the world's largest brewer and heading off what was shaping up as an acrimonious fight for the maker of Budweiser and Bud Light beers. Inbev brands include Stella Artois, Beck's and Bass.
The combined company will be called Anheuser-Busch InBev. As of the end of last week, InBev said it would be the world's third largest consumer products company by market capitalization after Procter & Gamble of the United States and Nestle SA of Switzerland.
The Anheuser-Busch board accepted the higher takeover offer Sunday night from Belgian-based InBev, according to a joint press release. The deal is expected to close by year-end.
With Wire reports
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