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How the King of Beers collapsed without a fight and what it means for America's place in the post-Recession world
How did InBev, a Belgian company controlled by Brazilians, take over one of America's most beloved brands with scarcely a whimper of opposition? Chalk it up to perfect timing—and some unexpected help from powerful members of the Busch dynasty, the very family that had run the company for more than a century. In Dethroning the King, Julie MacIntosh, the award-winning financial journalist who led coverage of the takeover for the Financial Times, details how the drama that unfolded at Anheuser-Busch in 2008 went largely unreported as the world tumbled into a global economic crisis second only to the Great Depression. Today, as the dust settles, questions are being asked about how the "King of Beers" was so easily captured by a foreign corporation, and whether the company's fall mirrors America's dwindling financial and political dominance as a nation.
- Discusses how the takeover of Anheuser-Busch will be seen as a defining moment in U.S. business history
- Reveals the critical missteps taken by the Busch family and the Anheuser-Busch board
- Argues that Anheuser-Busch had a chance to save itself from InBev's clutches, but infighting and dysfunctionality behind the scenes forced it to capitulate
From America's heartland to the European continent to Brazil, Dethroning the King is the ultimate corporate caper and a fascinating case study that's both wide reaching and profound.
- Sales Rank: #304155 in Books
- Published on: 2011-11-08
- Original language: English
- Number of items: 1
- Dimensions: 8.95" h x 1.05" w x 6.00" l, 1.11 pounds
- Binding: Paperback
- 416 pages
Review
"MacIntosh . . . earns extra credit for staying on the Anheuser-InBev case despite considerable macrocosmic distractions. . . . The author's persistence pays off in her account of the Busch family's searing internecine strife." ---The New York Times
From the Inside Flap
Once upon a time, the "King of Beers" ruled the world—Budweiser controlled 52 percent of the U.S. beer market, and Anheuser-Busch was the world's top brewer. Then, economic hardship fell upon the land of milk and honey (and baseball, apple pie, and Chevrolet), and the King became a pawn that easily fell into the hands of foreign interests. Today, the Great American Lager is no more. Anheuser-Busch's fairy tale is over, and as Dethroning the King: The Hostile Takeover of Anheuser-Busch, an American Icon details, the legendary company collapsed in spectacular fashion. How it all played out behind the scenes is the real story–and it's one people should get used to hearing as foreign companies set their sights on America's most popular brands, taking advantage of a weakened American economy and preying on American corporations that have for far too long viewed themselves as "too big to be taken over."
In the summer of 2008—investment bank Bear Stearns had already collapsed; lenders Fannie Mae and Freddie Mac were teetering on the verge of insolvency; financial services firm Lehman Brothers would soon declare the largest bankruptcy in U.S. history; and Anheuser-Busch had just received a takeover bid from foreign brewing giant InBev. As Dethroning the King describes, InBev's timing wasn't just lucky; it was perfect.
Anheuser-Busch, which had been ruled for decades by iron-fisted scion August A. Busch III, had just handed the reins to his son, August A. Busch IV—and young August's leadership was drawing lukewarm reviews from investors and even his own board of directors. Americans all across the country, meanwhile, were too distracted by their imploding personal finances to be concerned about Anheuser-Busch's fate. Many Americans had never even heard of global brewing behemoth InBev, and they didn't realize Budweiser had come under foreign attack until it was too late.
On November 18, 2008, the stock of Anheuser-Busch, known for its "BUD" ticker symbol, stopped trading, and one of America's oldest, most beloved brands lost its American-owned status. In Dethroning the King, Julie MacIntosh—the U.S. Mergers and Acquisitions Correspondent who led the Financial Times's coverage of the takeover of Anheuser-Busch—takes you behind the scenes to tell the inside story of the King of Beers' 150-year rise to power and its seven-week fall from grace.
From the Back Cover
Praise for Dethroning The King
"Julie MacIntosh has given us not just an anatomy of a deal, but an anatomy of a company, a community, and a family. From cover to cover, it is a compelling story bound to be acclaimed as the business book of the year."
—Martin Lipton, Founding Partner of Wachtell, Lipton, Rosen & Katz
"This book is not just a terrific read about the decline of a storied American company. It is also an acute analysis that conveys important lessons about the ills of American business in general."
—Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School
"Dethroning the King is hard to put down—it's a must-read. Julie MacIntosh vividly captures the many twists and turns of this company's long history and the fascinating people who shaped its development."
—Nelson Peltz, CEO and Founding Partner, Trian Fund Management, LP
"In this powerful story, Julie MacIntosh does a great job of giving life to an epoch corporate event and the story of a legendary family. The parallels with today's ongoing corporate conflicts are many. The tale is fascinating and remains relevant."
—Robert F. Greenhill, Founder and Chairman, Greenhill & Co., Inc.
Most helpful customer reviews
51 of 55 people found the following review helpful.
Tell Me It Ain't So -
By Loyd Eskildson
"Dethroning the King" reports how Budweiser (Anheuser-Busch - A-B), an American icon built up over 150 years to a 52% U.S. market-share, was lost to Brazil's InBev (headquartered in Belgium) in just 7 weeks. Thought to be 'too big to buy,' it instead proved 'too slow to act.' Company loyalists probably thought the Busch family could prevent a hostile takeover - however, they collectively only owned 4% of the stock, less than Warren Buffett (5%).
August Busch (A.B.) III, the former highly-respected A-B CEO, had stepped down in 2002. Known for his attention to detail, especially quality and brand image, he had over-focused on beating Miller in U.S. market share, largely ignoring foreign opportunities. (A-B did own part of both a Chinese [Tsingtao] and Mexican beer [Grupo Modelo] producer.) His son, August Busch IV, unfortunately was known for vitriolic disputes with his father, lacked the board's confidence, and often was AWOL from his leadership duties. The takeover danger had been spotted at least two years prior, but little was done in defense until too late - $500 million/year ($1 billion at another point - unclear which they really committed to) in savings (including 1,185 positions), identified the day InBev made its offer.
InBev was created by the 2004 combination of Brazil's Ambev and Belgium's Interbrew. The takeover cost InBev $70/share, in cash (A-B stock was in low $50s when InBev began pursuit; initial offer was $65/share), and created the world's largest beer company with about 200 brands. InBev changed its name to Anheuser-Busch InBev to maintain A-B's heritage and stifle opposition; it also decided to site its N.A. headquarters in St. Louis.
In late 2006, A. B. IV was about to become CEO, and wanted to ink a joint venture with InBev (make A-B the exclusive U.S. importer of InBev's European brands). This would be his first big initiative, and help cement his CEO spot. He succeeded, but failed to include the standstill clause A.B. III wanted that prevents partners from making moves toward an unsolicited takeover. A.B. III allowed it to proceed at the board level, nonetheless. The agreement allowed InBev people to see the excessive corporate overhead and where to make cuts.
A-B board members had numerous conflicts of interest - with Enterprise Rent-A-Car that it did extensive business with, with the head of one of its distributors, and interlocking board memberships (eg. Ed Whitacre at AT&T was on A-B board; A.B. III was on AT&T board and had been key in Whitacre getting a generous pay package). The board neglected to try to tie up banks that might be called on by InBev for funding, had destaggered board terms but failed to require that dismissing the entire board couldn't be accomplished without some sort of infraction, its poison pill provision had expired, and the Busch family had neglected to establish a two-tier shareholding structure that allowed them to maintain control without a majority of shares.
A-B management did explore one defense - buying the rest of Grupo Modelo to make themselves to large for InBev to aquire. Between Modelo demanding too much, and A.B. IIII being uninterested, this went nowhere.
Side Note: Ex-AT&T CEO Ed Whitacre who later became CEO of G.M. was also a member of the A-B board - their inept performance should have disqualified him from involvement with and leadership of G.M. after the restructuring.
InBev immediately implemented zero-based budgeting upon takeover, planned $1.5 billion in cost cuts, and now plans $2.25 billion in annual savings by 2011. The New CEO, Carlos Brito, stayed at the Holiday Inn after flying coach from New York. Payables days have been extended - sometimes from 30 to 120 days. First-class travel became coach class, stays at expensive hotels became much cheaper locales, cushy, private offices became a sea of community tables and tightly packed desks, luxurious furniture was auctioned off, free beer and tickets to Cardinals games and Busch Gardens ended for all employees, numerous sports events sponsorships ended, and Grant's Farm is now only open weekends. Improved water efficiency (30%) is planned. In October, 2009, plans were announced to sell Busch Entertainment (SeaWorld) and A-B's corporate jets; Busch's share of Tsingtao Brewery was also sold. More than 1,500 jobs have been cut - many in sales and marketing (U.S. volumes fell 4.8% first-half of 2010). It's still carrying over $40 billion in long-term debt.
Bottom-Line: Having a excellent product, market share, and brand value is not enough in the era of globalization. The result was a sad event for America.
29 of 31 people found the following review helpful.
Interesting Chronicle of Rise of Anheuser-Busch and its Eventual Takeover
By Minnesota Ryan
"Dethroning the King" is a thoroughly researched and well-written chronicle of the rise of Anheuser-Busch and its eventual sale to the international brewer, InBev, in the largest-ever cash acquisition.
The first third of the book focuses on the personalities of the three generations of Busch leaders that ruled A-B for the last 80 years. This section is filled with rich anecdotes of inter-family power grabs and contrasting personal and professional management styles. For those not familiar with the Busch dynasty, the stories are fascinating and make for a good read. Following an effective set-up of the main characters, the author profiles what made A-B so successful in its meteoric rise from roughly 20% of the U.S. beer market share in the mid-70s to ultimately capturing 52% by 2002. It was interesting to see how the single-minded focus of A-B's CEO, August Busch III, and the effective advertising campaigns of the 90s helped cause such dramatic results.
Beginning around 2006, however, A-B's management hubris, a massively out-of-market cost structure and extremely insular thinking made the company vulnerable to a foreign takeover attempt. The last one-third of "Dethroning the King" tells a blow-by-blow narrative of how the takeover was planned, financed and executed. The author takes the reader into the Board rooms of both "hunter" and the "hunted" and even manages to save a couple of surprises for the end.
Similar to "The Smartest the Guys in the Room" which told the fall of Enron, in "Dethroning the King" the readers know the end result even before picking up the book yet this does not diminish one's enthusiasm for hearing all of the details of the story. The author's pace is well balanced, and the book is challenging to put down after beginning.
31 of 35 people found the following review helpful.
Business Isn't About Making Friends Anymore
By Howard Park
First and foremost this is a great book about a contested corporate takeover. It's not about brewing beer, marketing, advertising, pride, tradition, loyalty or anything else that made Anheuser-Busch great -- it's about a bunch of corporate lawyers and financeial bean counters who spin around the world on private planes reading financial statements and fine print. It's also a textbook case about the fall of a small part of the American empire. It could have been titled "Take The Money and Run" -- except that already was a title from a Woody Allen movie in the 1960's.
"Dethroning the King" is also about loss because almost every involved in this sad takeover tale is a loser. Carlos Brito of InBev seems like a winner but he overpaid for the dethroned "King of Beers" and hastened the devaluing of one of the most iconic brands in the world. August Busch III is a loser who made a lot of money, built a hugely successful company but ended up as a solitary jerk trusted and loved by nobody (though respected by all). Busch the Fourth is a nice guy in way, way over his head, somebody who should have been managing a beer wholesaler in a mid-level market. The financiers involved in the story are all from collapsed and disgraced -- though bailed out -- firms. The Board of Directors of the former Anheuser-Busch come off perhaps the worst of all, self-interested, lazy corporate yes-men who never created a job and wouldn't know a real Budweiser from a warm pitcher of spit. St. Louis and the rest of the USA are also big losers as another hometown hero company bites the dust.
This is not a fun read and the author probably indulges in too much psychobabble about the father-son drama between the reptillian Busch III and the hapless Busch IV. Dethroning the King is about more than the boring Busch'es -- it's about what made America great and how greed destroyed it. I shudder to think what August Busch Jr. would think if he read this book, it's almost enough to make a real American wish for prohibition again. Read it, weep, and let's learn from this sad tale of greed and loss.
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