Word: millers
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...Last week, Anheuser-Busch, the world's No. 1 brewer by volume, announced its intention to buy 29% of Harbin Brewery. SABMiller, A-B's nemesis (formed in July 2002 when South African Breweries bought out the Wisconsin-based Miller Brewing Company), retaliated by declaring that it would launch a $391 million hostile takeover bid for Harbin. The prize is a company that made a profit of just $15 million last year but that offers a coveted entr?e into the beer-loving northeast of China...
...joint ventures with Chinese partners. The results were often disastrous for both sides. But as the Communist Party has slowly put its stamp of approval on privatization, it's become easier for foreign companies to buy into state enterprises such as breweries. Sensing new possibilities, SABMiller, owner of the Miller brands, gambled that Beijing might actually tolerate its unprecedented takeover gambit. If it works, "a lot of investors will try to steal a similar march on rivals," says Joe Zhang, an analyst at UBS Securities in Hong Kong. "People have never tried this because they thought the government would block...
...this action have ended in failure. Early flops included Fosters' (the company pulled out of a joint venture in 1999, with a loss of more than $125 million) and Becks' (the company left China soon after). Those that stayed have shifted strategies. SABMiller doesn't produce its top brands, Miller Lite and Miller Genuine Draft, in China. Instead, it buys into Chinese breweries and helps them upgrade. A-B produces Budweiser in central China and has turned it into one of the country's best-known foreign beers; it also has a 10% stake in Tsingtao...
...Society of Publication Designers gave their highest honor, the Gold Medal for Excellence, to Arthur Hochstein and Cynthia Hoffman for their work on the Best Photos of 2003 issue. We also won two silver medals and seven merit awards that recognized the work of, among others, D.W. Pine, Thomas Miller, Marti Golon and Christine Dunleavy, along with picture editors Marie Tobias and Dietmar Liz-Lepiorz. Time.com led by Joshua Macht, won first place in Web photojournalism from the National Press Photographers Association for the site's Iraq coverage, most notably its feature "21 Days to Baghdad...
Herrmann’s homer in the sixth inning got Harvard within one, but Northeastern touched up senior Mike Morgalis for four runs and six hits in the seventh inning to put the game out of reach. The Huskies also tagged junior Curtis Miller for three runs in the top of the ninth, ballooning their lead to 12-4. Northeastern had back-to-back homers in both the seventh and ninth innings...