Altria has also been given its representation on Anheuser-Busch's board with the addition of its chairman, CEO and president Marty Barrington, and chief financial officer Billy Gifford. Barrington commented, "The transaction allows Altria to continue its participation in the global brewing profit pool as a significant shareholder in AB InBev, and we are excited about the prospects for the long-term value of our investment."
The company indicated that it was paid $5.3 billion in pre-tax cash apart from the restricted shares. As a result, its share buyback program has been expanded from $1 billion to $3 billion. The company expects to complete the program before the second quarter of 2018 ends.
Altria also reduced its full year adjusted EPS guidance from $3.01–$3.07 to $2.98–$2.04 for the full-year 2016 to reflect lag in reporting of Anheuser-Busch. However, the company maintained its long-term adjusted EPS objective of an average 7–9 percent annual growth rate.
At last check, Altria traded at $61.95, gaining $0.20, or 0.32 percent, while Anheuser-Busch added $0.51, or 0.40 percent, to $128.00 in the pre-market trading.
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