Why Investors Are Downing Anheuser-Busch InBev Stock Today
Altria (NYSE: MO) is pouring out some of its Anheuser-Busch InBev (NYSE: BUD) stock. The move is leaving BUD holders with a bad taste in their mouth, sending shares of the spirits maker down 5% as of 11:30 a.m. ET.
Altria, the global tobacco giant, has been a major shareholder of beer and spirits maker Anheuser-Busch InBev for nearly a decade, having acquired cash and shares as part of AB InBev's 2016 acquisition of SABMiller.
Late Wednesday, Altria announced plans to raise more than $2 billion by selling 34 million AB InBev shares, plus an underwriter allotment. The proceeds will be used to help fund a $2.4 billion increase to Altria's share buyback program.
Source Fool.com
