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7/12, 8:40 PM (Source: TeleTrader)
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AB InBev stops Budweiser IPO in Hong Kong

The biggest beer producer in the world decided against the listing of a subsidiary in Hong Kong. ​Following media reports about a delay in pricing due to weak demand, Anheuser-Busch InBev SA acknowledged on Friday that "at this time, it is not proceeding" with the process.

The brewer headquartered in Leuven, Belgium, has aimed to raise as much as $9.8 billion on the Hong Kong Stock Exchange from a minority stake in Budweiser Brewing Company APAC Ltd. In the statement, it cited "several factors, including the prevailing market conditions." The company said it would be looking at options and vowed to "strict financial discipline." The planned initial public offering would have been the biggest one since the start of the year.

Shares plunged 4.53% to $85.5 in New York at 2:40 pm ET after touching $85.25 for the first time since June 18. It is looking at a sixth consecutive daily drop. AB InBev earlier finished 1.09% down in Brussels, at €78.93 per share, in negative territory for the seventh session in a row.

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