Jul 15, 2019

Anheuser-Busch InBev cancels Hong Kong IPO

Illustration: Sarah Grillo/Axios

Anheuser-Busch InBev, the world's largest beer brewer, canceled the $9 billion-plus Hong Kong IPO of its Asia-Pacific business, due to weak investor demand.

Why it matters: It was supposed to have been the year's largest global IPO, but instead became the year's largest global IPO flop. It's also a caution against breathless headlines about "oversubscribed" floats before they actually price. Now, it will be harder for InBev to reduce its $100 billion debt-load, and is likely to slow planned expansion in The Philippines, Thailand, and Vietnam.

Go deeper: Boston Beer Co. and Dogfish Head sign $300 million merger

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Anheuser-Busch InBev sells Australian operations after IPO failure

Photo: STEFAN HEUNIS/AFP/Getty Images

Anheuser-Busch InBev agreed to sell its Australian operations to Japan's Asahi for $11 billion. It also is considering divestitures of its South Korea and Central America businesses.

Why it's a big deal: This is quick consequence of AB InBev canceling its Asia-Pacific IPO, whose $9 billion-plus in expected proceeds had been largely earmarked for debt reduction.

Go deeperArrowJul 19, 2019

The strongmen vs. the streets

A protester is arrested on Saturday in Moscow. Photo: Anadolu Agency via Getty

The world’s two most powerful authoritarian states have been unable to quell pro-democracy demonstrations that have now spanned several weeks and drawn global attention.

The latest: Flights out of Hong Kong were canceled today after protesters flooded into the airport, while Moscow witnessed its largest protests in seven years over the weekend. Video of police battering demonstrators has emerged from both cities. Broader crackdowns now seem likely, particularly in Hong Kong.

Go deeperArrowAug 12, 2019

Snap prices $1.1 billion of convertible notes

Illustration: Axios Visuals

Snap priced $1.1 billion of convertible notes, due in 2026. This is slightly up-sized from a $1 billion offering size, and expectations are that it will close by Friday.

Why it matters: It reflects how Snap has become tech's comeback kid. The "camera company" was valued at $29 billion in its first day of post-IPO trading in early 2017 — or $26.05 per share — before bottoming out at less than $5 per share at year-end 2018. Last week it briefly regained its $17 IPO price on better-than-expected Q2 earnings, and the $1.1 billion infusion should help it invest more in both content and features.

Go deeper: Snapchat snaps back