TCI buys slice in SABMiller and raises pressure on merger with AB Inbev

The investment fund TCI bought a stake in SABMiller little less than 1%. This is the second activist investor to acquire stake in brewery in recent weeks.
This movement increases the prospects that Anheuser-Busch InBev (AB InBev) will suffer more pressure of applicators to raise its buyout offer of SABMiller. For analysts at UBS, however, an increase in the offer price per share of SABMiller would have a limited effect.
TCI Fund input in SABMiller''s reported a few weeks after disclosure of the purchase of a slice of 1.3% by Elliott Capital Advisors. Acquisitions preceding the SABMiller annual meeting, scheduled to be held on Thursday (21) in London. On this date, investors may question the terms of purchase of the company by AB InBev.
The value offered by AB InBev, from 69.78 billion pounds, is now questioned by investors, due to the recent devaluation of the pound. In dollars, the deal that last year came to nearly $ 108 billion, is now valued at $ 100 billion.
The entry on SABMiller of two of the world''s most influential investors of activists can help shareholders pressing the AB InBev to improve the cash offer of £ 44 per share. According to analysts at UBS, the potential increase in the offer to purchase the SABMiller 5% ranges from 15%.
For analysts, the increase would have limited impact. For every 5% increase in the cash offer, the earnings per share of the new combined company would have a reduction of 1 percentage point and the return on capital would fall 0.5 percentage point.