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SABMiller tender offers for shares in subsidiaries in Ecuador

18 October 2006

SABMiller, one of the world’s leading brewers, announces today that it is making simultaneous tender offers (“offers”) on the Guayaquil and Quito Stock Exchanges for all the shares in its listed Ecuadorian subsidiaries, Compañía de Cervezas Nacionales C.A. (“CCN”) and Cervecería Andina S.A (“Andina”).  In addition, a tender offer has been made for all of the shares in its unlisted Ecuadorian subsidiary, Agrilsa Agricola e Industrial S.A. (“Agrilsa“).  The offers are being made in cash, at US$36.25 per share in each of the 3 companies.  The offer period will commence on 30 October 2006 and will close on 13 December 2006. 

The price offered for each CCN share represents a premium of $4.79 (15.23%) and the price offered for each Andina share represents a premium of $4.75 (15.08%), to the average market price for the 30 days prior to 17 October 2006.

SABMiller has an effective economic interest of approximately 92.06% in CCN, 72.34% in Andina and 92.19% in Agrilsa.  The total cash consideration payable by SABMiller to minority shareholders, if the 3 offers are accepted in full, will be approximately US$88 million.

CCN is Ecuador’s largest brewing business, and is located in Guayaquil.  Andina is Ecuador’s second largest brewing business and is located in Quito.  Both companies produce SABMiller’s full portfolio of Ecuadorian beers, including Pilsner, the country’s leading lager.

Dependent on the outcome of the offers, SABMiller’s intention is to merge the operations of CCN and Andina into one integrated business in Ecuador, with operations in Guayaquil and Quito.

Commenting on the transaction, Barry Smith, President, SABMiller South America, said:

“This process will move us one step closer to integrating our two excellent businesses in Ecuador into a single company, with world class facilities”.


Notes to editors:


SABMiller plc is one of the world’s largest brewers with brewing interests or distribution agreements in over 60 countries across five continents. The group’s brands include premium international beers such as Miller Genuine Draft, Peroni Nastro Azzurro and Pilsner Urquell, as well as an exceptional range of market leading local brands.  Outside the USA, SABMiller plc is also one of the largest bottlers of Coca-Cola products in the world.

In the year ended 31 March 2006, the group reported US$15,307 million in revenues and profit before tax of US$2,453 million. SABMiller plc is listed on the London and Johannesburg stock exchanges.

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SABMiller plc  Tel: +44 20 7659 0100

Sue Clark
Director of Corporate Affairs
Tel: +44 20 7659 0184

Rachel Kentleton
Senior Investor Relations Manager
Tel: +44 20 7659 0113

Nigel Fairbrass
Head of Media Relations
Tel: +44 7799 894265

This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of SABMiller plc (the "Company") or any of its affiliates in any jurisdiction or an inducement to enter into investment activity.

This document includes "forward-looking statements".  These statements may contain the words "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning.  All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements.  These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.  These forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future.  These forward-looking statements speak only as at the date of this announcement.  The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Any information contained in this announcement on the price at which the Company's securities have been bought or sold in the past, or on the yield on such securities, should not be relied upon as a guide to future performance.

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