Bowing to the inevitable?

If today’s NY Times story is at all accurate, St. Louis icon Anheuser-Busch has adopted an “if you can’t beat ‘em, join ‘em” approach to the InBev takeover bid.

In a reversal of its previous hostility to the idea, Anheuser-Busch is in active talks to sell itself to the Belgian brewer InBev in a friendly deal, people briefed on the matter said Thursday night.

Exact terms of the potential deal could not be learned, but one person said that InBev had indicated that it would be willing to pay more than the $65 a share it had originally offered. People briefed on the deal cautioned that the talks might still break down.

In striking an agreement, Anheuser risks a political backlash from the growing number of hometown politicians and customers who had supported the company in its efforts to remain independent.

That last assertion in the story seems a bit overstated to me. Those adamant statements of opposition from such officials as Senators McCaskill and Bond and Mayor Slay were largely pro forma - no one relying on votes from Missourians is likely to support the buyout until after it becomes a fait accompli. Watch for the coming change in tone. As for customers…well, while a glance at the comments left on this blog shows a taste of the current strong sentiment against the takeover, you could expect a lot of that to soften as the buyout becomes fact. Much depends on the extent to which InBev keeps its promises - retaining the A-B name in some fashion, making St. Louis its North American headquarters - and the extent to which A-B remains visible as an entity in local affairs. Of course, all bets are off so far as local sentiment is concerned once the inevitable cost-cutting measures (read layoffs) get underway.

Addendum: At the St. Louis Post-Dispatch, there’s “No Joy in Budville.”

Similar posts:
There goes the King
The return of the King?
As long as they’re in a buying mood
“SaveAB.com”
The gloves come off