South African Breweries — the brewer behind Castle Lager, Carling Black Label and much of the country's beer culture — is owned by AB InBev, the Belgian brewing giant. SAB grew into the global SABMiller, and in October 2016 AB InBev completed its takeover of SABMiller in a deal worth around $100bn 1. The SABMiller name was retired and the business folded into AB InBev 2.
SAB was, for over a century, the definitive South African drinks company — founded in Johannesburg in 1895 to serve the gold-rush city. Today its most famous brands are authored in South Africa and owned in Leuven. AB InBev trades in Brussels, New York and Johannesburg 2 — the Johannesburg line a reminder of where the beer comes from, not who banks it.
It is the drinks chapter of a pattern this desk sees again and again: a national icon whose cap table has left the country. Compare Amarula, Tusker and Nigerian Breweries — or the whole ledger.
