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Dethroning the King: The Hostile Takeover of Anheuser-Busch, an American Icon, by Julie MacIntosh
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Review
"A Foolish Book Recommendation for July." (The Motley Fool) "How the Busch clan lost control of an iconic American beer company. If ever an American company represented the land of milk and honey for corporate executives it was Anheuser-Busch . . . For decades a palace of well-paid vice presidents in cushy offices presided over the manufacture of Budweiser, America's beer, in that most American of cities, St. Louis. 'Few companies on earth were more evocative of America, with all of its history and iconography, than Anheuser-Busch,' writes veteran Financial Times journalist Julie MacIntosh in her strenuously reported book, "Dethroning the King: The Hostile Takeover of Anheuser-Busch, an American Icon." As the title suggests, the reign of the King of Beers ended in the summer of 2008, when the company merged with the Brazil-based brewing giant InBev, an outfit about as culturally different from Anheuser-Busch as one could imagine. At $70 a share, or $52 billion, it was the largest all-cash acquisition in history and even more noteworthy because it occurred during the gathering storm of a global financial collapse. . . When growth-hungry InBev arrives on the scene, a company so lean and cost-conscious that they're called the Walmart of brewers, all hell breaks loose at the complacent Anheuser-Busch headquarters. The Brazilians make a pitch of $43 billion in what's known on Wall Street as a "bear hug"—an offer so generous that the recipient can't refuse. But A-B's board does refuse, triggering weeks of moves and counter-moves and endless end-gaming by the two companies. Ms. MacIntosh relates every gambit in crisp, scene-by-scene detail." (The Wall Street Journal) "Ms. MacIntosh . . . earns extra credit for staying on the Anheuser-InBev case despite considerable macrocosmic distractions. . . The author's persistence pays off in her account of the Busch family's searing internecine strife. . . 'Dethroning the King' makes for a fine yarn with a cautionary message about American business in the age of globalization. InBev began laying off workers less than a month after the deal formally closed, Ms. MacIntosh reports. Maybe the next time a foreign entity tries to acquire a major American family company, the public will take notice before it becomes a fait accompli." (The New York Times) “There’s a lesson for all in book on brewing. . . a great read.” (Morning Advertiser) “Dethroning the King, . . . is the compelling play-by-play of InBev's takeover of Anheuser-Busch. Give MacIntosh a Stella Artois for her excellent reporting.” (Stltoday.com) "Dethroning the King is a brutally detailed look at the hostile takeover of Anheuser-Busch, the legendary icon that at one time was the epitome of American business success. It is a story that may well go down in American business history as one of the defining moments of this era. [An] insightful and brilliantly written work. As American business continues to dramatically change, this compelling book should be on every businessperson's reading list." (Business Lexington) A Library Journal Best Business Book 2010 “In a narrative that reads as fast as any fiction thriller, Financial Times journalist MacIntosh details the 2008 takeover of the iconic Anheuser-Busch brewing company by Belgian corporation InBev, focusing particularly on the company's importance to the St. Louis region; its management, or lack thereof, by the Busch family (particularly the August Busches III and IV); and the broader unsettled economic climate of 2008.”
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From the Inside Flap
Once upon a time, the "King of Beers" ruled the world—Budweiser controlled 52 percent of the U.S. beer market, and Anheuser-Busch was the world's top brewer. Then, economic hardship fell upon the land of milk and honey (and baseball, apple pie, and Chevrolet), and the King became a pawn that easily fell into the hands of foreign interests. Today, the Great American Lager is no more. Anheuser-Busch's fairy tale is over, and as Dethroning the King: The Hostile Takeover of Anheuser-Busch, an American Icon details, the legendary company collapsed in spectacular fashion. How it all played out behind the scenes is the real story–and it's one people should get used to hearing as foreign companies set their sights on America's most popular brands, taking advantage of a weakened American economy and preying on American corporations that have for far too long viewed themselves as "too big to be taken over." In the summer of 2008—investment bank Bear Stearns had already collapsed; lenders Fannie Mae and Freddie Mac were teetering on the verge of insolvency; financial services firm Lehman Brothers would soon declare the largest bankruptcy in U.S. history; and Anheuser-Busch had just received a takeover bid from foreign brewing giant InBev. As Dethroning the King describes, InBev's timing wasn't just lucky; it was perfect. Anheuser-Busch, which had been ruled for decades by iron-fisted scion August A. Busch III, had just handed the reins to his son, August A. Busch IV—and young August's leadership was drawing lukewarm reviews from investors and even his own board of directors. Americans all across the country, meanwhile, were too distracted by their imploding personal finances to be concerned about Anheuser-Busch's fate. Many Americans had never even heard of global brewing behemoth InBev, and they didn't realize Budweiser had come under foreign attack until it was too late. On November 18, 2008, the stock of Anheuser-Busch, known for its "BUD" ticker symbol, stopped trading, and one of America's oldest, most beloved brands lost its American-owned status. In Dethroning the King, Julie MacIntosh—the U.S. Mergers and Acquisitions Correspondent who led the Financial Times's coverage of the takeover of Anheuser-Busch—takes you behind the scenes to tell the inside story of the King of Beers' 150-year rise to power and its seven-week fall from grace.
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Product details
Hardcover: 408 pages
Publisher: Wiley; 1 edition (October 26, 2010)
Language: English
ISBN-10: 0470592702
ISBN-13: 978-0470592700
Product Dimensions:
6.4 x 1.4 x 9.3 inches
Shipping Weight: 1.4 pounds
Average Customer Review:
4.4 out of 5 stars
104 customer reviews
Amazon Best Sellers Rank:
#359,674 in Books (See Top 100 in Books)
Overall, the book was very insightful. I thought MacIntosh did a great job painting the picture of the dysfunction, politics, and general nervous spiral that overtook AB. However, I would have liked to hear a lot more about the AB/Miller beer wars during the reign of The Third. That would have made for very interesting reading, rather than just saying they hit 50% market share. As for the Inbev part of the book, the acquisition happend very fast, but the writing slowed down considerably and jumped around without much intention. We got deep dives into the thoughts and feelings of a host of characters who had been all but absent before the end, so I found myself not caring about the perspectives of some of the random execs that were included (especially in light of how much of the book focused on the relationship between the Third and the Fourth). Could have used more "character development" if she wanted us to care more about their opinions later.
Very important book on the evolution of American industry, in this case how the world's most valuable brand with 50% domestic market share became vulnerable to take-over and was eventually swallowed up by a more nimble, focused, and global competitor. We learn how the Busch family made the take-over financially possible by reducing their holdings to single digits over the years. Maybe more importantly the family also lost their way, focusing more on inter-family squabbles, new wives ands girlfriends, travel, avoiding each other, baseball and zoos. Setting up a small JV with Inbev led to the elephant getting his nose under the tent and eating all the peanuts.The AB take-over story got almost no press as it unfolded in 2009 due to intense business network talking head fixation on the meltdown and recession. Julie Macintosh has gotten some great insider accounts and also did her homework with comprehensive reporting. I understand she has a financial background but has focused here more on the personalities, interactions, and agendas of the family, board, and long time employees. Perhaps her editors told her that every balance sheet in the book would cut sales in half.We get a great story of how families operate, especially wealthy ones that have legacy and fiduciary objectives. The Busch family and the controlling families of Modelo (who were briefly a partner and potential white knight) showed that they will always default to a course of inaction, as the stars need perfect alignment for agreement across the generations.The Brazilian financiers had no such constraints. They moved decisively and understood perfectly not only the financials but how a decision would be made in this circumstance. Remarkably they have been allowed and even encouraged by governments to consolidate the brewing industry to an unprecedented level. The corollary to Inbev buying AB would be Toyota buying Ford or Lenovo buying Dell.
The hallmark of this excellent book is equal parts the intricate, detail-laden reporting that author Julie MacIntosh has painstakingly compiled and the masterful profiles she's written of this takeover tale's main protagonists. And, to do any book on this subject justice, the profiles you need to nail are those of A-B's father and son CEOs, August Busch III and August Busch IV, known indelibly as the 'The Third' and 'The Fourth.'What's she's put down on paper here is a fascinating take on those two. As one close source says to MacIntosh, what transpired between those two is 'Shakespearean...I just haven't decided which play.' Conventional wisdom would write a 'Crazy and Lazy' saga (as the two were known on Wall Street): that a mercurial, hyper-focused Third drove A-B to greatness and a detached, debauched Fourth let it fall quickly into InBev's hands.The truth is far more complicated. MacIntosh makes a compelling case that is was the Third's insular nature and megalomaniacal tendencies that led him to shun deals, go it alone and focus almost entirely on domestic dominance. Meanwhile, the beer world shifted under his feet: two forward-thinking international giants - SAB/Miller and InBev - emerged right in front of his dismissive eyes. By the time The Fourth took the reins, A-B's goose was cooked. They were just the last ones to know it.I listened to the unabridged audio version of this book. It was fantastic! I highly recommend Joyce Bean's excellent narration. It is 13.5 hours of pure enjoyment. It's quite a feat to have a female narrator do justice to what is effectively an all-male tale - it's a book filled with quote after quote (both attributed and juicy off-the-record stuff) in alpha male voices. Bean drops her voice an octave to deliver those words, punctuating them with a supercilious air while embodying the words of The Third. Well done.
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