British brewers are dying out and taking authenticity with them

British brewers are dying out and taking authenticity with them

Corporate deal-making rarely brings benefits, other than for the army of bankers, lawyers, and spinners charging through the nose for their advice. But the drinks industry has a particularly terrible track record when it comes to takeovers that destroy value. Nicknamed “Megabrew”, the $275bn (£215bn) merger of Anheuser-Busch with UK-listed SABMiller in 2016 created a mega-hangover. Lumbered with a $107bn debt overhang as a result of the acquisition, shares in Anheuser-Busch have halved since, and it has had to take …