September 2020 Connection Workplace Safety Newsletter
ABInBev_Barr_Rutz_Waltrich
1. ANHEUSER-BUSCH INBEV
Risk Analysis of Anheuser-Busch InBev
Sean Barr
Matthew Rutz
Melanie Waltrich
RMI 4597: Global Corporate Risk Management
October 31, 2015
Professor M. Michael Zuckerman
2. ANHEUSER-BUSCH INBEV 2
Table of Contents
I. Introduction………………………………………..……………………………..……………3
II. Executive Summary…………………………………………………..………..….………….3
III. Hazard Risks…………………………………………………………….…..…….…………4
A. Property Damage (Natural Disaster)
B. Employee Injury
C. Product Liability
IV. Operational Risks……………...……………………………………………….………........7
A. Product Recall
B. Supply Chain Risk
C. Climate Change (Emerging Risk)
V. Financial Risks……….……………...………………………………….….……….…….…10
A. Currency Risk
B. Commodity Price Risk
VI. Strategic Risks...…………..…….…………………………………….….………..….……11
A. Political Risk
B. Mergers and Acquisitions Risk (D&O Lawsuit Trigger)
VIII. Conclusion……………………………………………………………………………..….15
IX. Risk Register………………………………..………………………………………………16
X. Risk Map…………..………………………..…………………………………..……………16
XI. Appendix……………………………………………………………………………………17
XII. References……………...….…….…………………………………………………………19
3. ANHEUSER-BUSCH INBEV 3
I. Introduction
Anheuser-Busch InBev (AB InBev) is a global beverage manufacturer and distributor
based in Leuven, Belgium. The company was formed through a merger of Belgian brewer
Interbrew and Brazilian brewer AmBev, and later added U.S. brewer Anheuser-Busch in 2008.
AB InBev is now the “world’s largest brewer by volume and one of the world’s top five consumer
products companies” (Anheuser-Busch InBev, 2015). The company produces over 200 beverage
brands consisting of beer, malt beverages, and soft drinks (Anheuser-Busch InBev). AB InBev
operates (directly or through subsidiaries) in 25 countries, and has a 20.8% global market share by
volume sales. In 2014, AB InBev had sales of $47.06 billion, with the largest portion of revenue
(34%) coming from its North American operations (Anheuser-Busch InBev). AB InBev is
continually expanding its business, demonstrated by its 2013 purchase of Grupo Modelo and
current negotiations to acquire SABMiller. A company as large and complex as AB InBev must
adequately identify and address its risks to ensure business continuity and maximize shareholder
wealth.
II. Executive Summary
AB InBev is exposed to a multitude of diverse risks due to its position as the world’s largest
brewer by volume and extensive international presence. This report will discuss AB InBev’s
hazard, operational, financial, and strategic risks including: property damage, employee injury,
products liability, product recall, supply chain risk, climate change, currency risk, commodity price
risk, political risk, and mergers and acquisitions risk. Beer and cider sales comprise over 90% of
AB InBev’s revenue, so for the purpose of focusing this analysis, the company’s soft drinks
operations will not be taken into account (Anheuser-Busch InBev).
4. ANHEUSER-BUSCH INBEV 4
AB InBev’s production facilities are spread out among six geographic zones, making it
susceptible to property damage from natural disasters in these regions. Additionally, the
company’s 155,000 employees around the world may be injured during the complex and hazardous
brewing process. As a retailer of products distributed for consumption, AB InBev faces risks of
product liability from faulty or defective bottles, and product recall related to contamination. The
company’s complex global supply chain may be disrupted by a failure in logistics and result in a
business interruption loss. Additionally, the company is dependent on water and barley to produce
its beverages; climate change and commodity price risk may constrain operations and increase
costs of raw materials. AB InBev’s business operations in developing markets are affected by
political risk and currency risk, meaning unstable economies can indirectly cause financial loss to
the company. Risk is also present in AB InBev’s frequent mergers and acquisitions, which bring
up antitrust regulations and shareholder lawsuits.
III. Hazard Risks
A. Property Damage (Natural Disaster)
AB InBev has a property risk exposure because it owns facilities located in areas prone to
natural disaster. One of AB InBev’s main breweries and production plant, Metal Container Corp.,
are both located in Jacksonville, Florida. This is a significant issue for AB InBev, given that Florida
has experienced the most hurricanes out of any U.S. state since 1851 (Rice, 2014). The property
in Jacksonville is exposed to severe damages as it is only 40 feet above sea level, and therefore
susceptible to flooding. If a major hurricane or flood hit the state of Florida, it could lead to repair
or replacement costs, business interruption, and other expediting expenses for AB InBev.
AB InBev’s brewery in Jacksonville is a 205-acre facility which produces multiple beer
brands for the company’s southeast operations, and is responsible for approximately 1,175
5. ANHEUSER-BUSCH INBEV 5
shipments per week (Anheuser-Busch Companies, LLC, 2015). These shipments service Florida,
southern Georgia, southern Alabama, southeast Mississippi, North Carolina, and South Carolina
(Anheuser-Busch Companies, LLC). If the brewery suffers from property damage due to a natural
disaster, such as a hurricane or flood, shipping operations will be stalled in the southeast. AB InBev
will be financially responsible for the repairs to the building and equipment. If the disaster is severe
enough, and the brewery is completely destroyed, AB InBev will have to build a new facility and
purchase new equipment.
AB InBev was recently exposed to a potential property loss at its major brewery in
Guadalajara, Mexico. On October 23, 2015, Hurricane Patricia, the most powerful tropical cyclone
ever measured in the Western Hemisphere, was expected to hit midwest Mexico. While
Guadalajara did not sustain any major damage, it was projected to experience 165-mph winds and
10 inches of rainfall. If Hurricane Patricia reached its potential that was initially expected, AB
InBev’s Guadalajara brewery would have suffered considerable damage, including damaged
property, a net income loss, and expediting expenses to speed up necessary repairs.
B. Employee Injury
With over 155,000 employees worldwide, AB InBev has an employee injury risk across its
operating segments. In addition to its sales staff and office-based personnel, AB InBev employs
workers in several hazardous functions, such as brewing, bottle and can manufacturing, heavy-
machinery operation, farming, warehousing, and truck driving.
Brewing is an inherently hazardous process, as it necessitates working with high
temperatures, high pressures, heavy lifting, caustic chemicals, tight workspaces, elevated work
platforms, as well as presenting slip, trip, and fall hazards. In an OSHA report detailing serious
injuries and deaths among brewery employees from 2001-2009, 13 of the 18 reported incidents
6. ANHEUSER-BUSCH INBEV 6
involved large breweries such as AB InBev and MillerCoors. While AB InBev has automated
many hazardous aspects of the brewing process, its large-scale operations and greater presence of
heavy machinery increase the likelihood that workplace accidents will have more severe, long-
term consequences, such as broken bones, amputations, skin grafts, and death.
Employee injuries create both direct and indirect costs for AB InBev, and these costs can
have impacts on both profitability and potential for revenue growth. Direct costs include medical
payments, workers’ compensation wages, and potential damages awarded for pain and suffering
in the case of an employee’s death or dismemberment. These costs can be long-tail exposures,
and must be properly reserved for in order to avoid unexpected shocks to profitability. Additional
indirect costs include training and wages for replacement employees, as well as potential fines and
increased regulatory scrutiny from OSHA and other government entities (in cases of negligence
or unsafe work environments), which could hinder operations and growth.
C. Product Liability
AB InBev is exposed to product liability from its retail operations. Liability can arise from
perils such as beer contamination or a defective beer bottle or can. In 2000, a former waiter sued
the company after a beer bottle exploded and the cap flew into his eye, for which the company had
to pay $240,000 (adjusted for inflation) in damages (Burstein, 2000). Product liability is a direct
loss for AB InBev in the form of tort damages, defense costs, and settlement costs, as well as an
indirect loss in the form of reputational damage to the company.
The most significant product liability issue AB InBev faces is product contamination
resulting in consumer harm. If contamination occurs and results in a class-action lawsuit against
AB InBev, the company will be responsible for compensatory damages and punitive damages as
well as court and attorney fees. The time and resources spent litigating and paying claims takes
7. ANHEUSER-BUSCH INBEV 7
away from company productivity. A product liability claim will also have a significant impact on
AB InBev’s reputation by compromising future sales and driving customers to purchase
competitors’ products.
IV. Operational Risks
A. Product Recall
AB InBev faces a product recall exposure arising from contamination or defective bottles.
Another large brewer, the Boston Beer Company, had a major product recall in 2008 because select
12-ounce bottles contained bits of grain or small parts of glass (Sullivan, 2008). The Boston Beer
Company estimated that less than 1% of the bottles were defective, however it decided to recall
25% of the bottles from one of its five glass plants (Sullivan). Although the estimated number of
damaged bottles was miniscule, the Boston Beer Company suffered a loss in recalling the quarter
of the bottles that were potentially harmful. Recall costs included refunds, public announcements,
and destruction of defective inventory.
In 2010, AB InBev experienced a recall of 12,000 barrels of Stella Artois because of a
production error (caused by dirty equipment) that led to quality problems (Frankel, 2010). The
inventory lost from the recall was 156,000 cases of beer (one barrel is equivalent to thirteen cases).
In the event of a product recall, AB InBev must spend time and money to issue public
announcements to inform consumers and wholesalers. The company will also suffer a loss of net
income from product refunds. The biggest negative impact a product recall will have on AB
InBev’s operations is an indirect loss from reputational damage. Even if the company handles the
recall correctly and takes necessary steps to alert customers, the company’s image could still be
tarnished and short-term sales could drop as a result.
8. ANHEUSER-BUSCH INBEV 8
B. Supply Chain Risk
AB InBev’s large operational network of suppliers, breweries, wholesalers and production
plants exposes it to supply chain risks. In the 1990s, AB InBev took measures to improve its supply
chain. It reduced transportation costs by 15%, increased transportation service to ensure on-time
or early deliveries, and decreased wholesale stockouts by 30% (Global Environmental
Management Initiative, 2004). AB InBev is highly reliant on its supply chain to ensure low cost
and smooth-running operations.
The most severe supply chain exposure is the failure of logistic systems. AB InBev will
suffer a loss due to a logistics system failure by spending time and resources to fix the system. A
disruption of the logistic system could also have three consequential losses for AB InBev: business
interruption, inventory spoilage, and loss of key suppliers. First, AB InBev will suffer a business
interruption loss, which will affect net income, as AB InBev cannot continue operations until its
system is fixed. Second, AB InBev’s beverages and ingredients used in the brewing process have
a shelf life. If the logistic system is shut down for too long, AB InBev will suffer from spoiled
supplies and unsold inventory. Third, if suppliers or wholesalers have a business interruption due
to AB InBev’s supply chain failure, AB InBev may lose those key suppliers or wholesalers who
may not want to do business in the future. It may take a significant amount of time to replace a lost
supplier, and AB InBev may have to negotiate higher-priced contracts with new suppliers.
C. Climate Change (Emerging Risk)
Brewing is a resource-intensive process, and its two main ingredients (water and barley)
face increased environmental pressures dues to climate change. AB InBev operates its brewing
plants around the world with strict quality control standards, and is heavily dependent on reliable
9. ANHEUSER-BUSCH INBEV 9
sources of large amounts of high quality water for its operations. In 2011, AB InBev produced
over 294 million barrels of beer worldwide, with an average water usage of 3.5 barrels of water
per barrel of final product. As river-feeding snowpacks recede and precipitation patterns become
less reliable, breweries must search for new sources of water and increased efficiencies in the
brewing process. As water quality decreases, AB InBev will likely see increased costs associated
with both water purification and researching ways to decrease demand.
Traditional barley-growing areas such as the western United States and England have recently
seen increasingly frequent and even unprecedented drought; the agricultural industry has been
most directly affected. As precipitation levels drop and snowpacks shrink, farmers’ reliance on
groundwater irrigation has depleted the water table by as much as 50 feet in some areas of
California, causing the land surface to drop by as much as one foot per year. This overuse of such
a crucial natural resource is shortsighted in terms of sustainability. As farmers spend more money
to dig deeper irrigation wells, their expenses are passed off as increases in the price of barley. The
increasingly difficult growing conditions are leading to substandard quality in sensitive barley
crops, and causing some farmers to switch from barley and other grains to fruits and vegetable,
which require less water. As global supplies of high-quality barley shrink and prices rise, AB
InBev could see increasing costs and shrinking margins in order to meet strict quality control
standards while keeping consumer prices competitive.
V. Financial Risks
A. Currency Risk
AB InBev owns many subsidiaries in countries with developing markets; many of these
countries are subject to fluctuations in exchange rates, also known as currency risk. In 2014, 68%
of AB InBev’s revenue came from subsidiaries that have non-U.S. dollar functional currencies
10. ANHEUSER-BUSCH INBEV 10
(Anheuser-Busch InBev, 2015). Exchange rate fluctuation introduces risks such as translation and
transaction exposure. Translation exposure is the risk that foreign exchange fluctuations will affect
values reported on financial statements (Wilkinson, 2013). AB InBev is a multinational firm and
must translate values from its operating companies into U.S. dollar values in order to comply with
U.S. financial reporting requirements (Anheuser-Busch InBev). If currencies fluctuate compared
to the U.S. dollar, it will affect the company’s reported earnings, which could result in lower
investor confidence and a drop in stock price. Transaction exposure, on the other hand, occurs
when there is an exchange rate fluctuation from the time a firm begins a transaction until the
transaction is settled (Wilkinson). For example, if AB InBev’s operating company in Mexico
enters into a transaction using a currency other than the local currency (the Mexican peso), there
is a chance that the foreign currency would devalue against the peso and the payment from the
transaction will be worth less in pesos (Wilkinson).
Currency risk is influenced by sudden changes in the value of a nation’s currency. AB
InBev has experienced a threat to its Latin American operations since January 2014, when
Argentina devalued its peso by 19% against the U.S. dollar (Schachar, 2014). The peso’s
devaluation, coupled with rising inflation and an unstable economic environment could cause
complications for AB InBev’s operations in the region, including foreign exchange restrictions,
export repatriation that could negatively affect the company’s liquidity, as well as its ability to
access funds from Argentina (Anheuser-Busch InBev, 2015). According to AB InBev’s most
recent annual report, the full effects of Argentina’s unstable economy have not yet been realized.
B. Commodity Price Risk
AB InBev is exposed to commodity price risk because it uses raw materials such as malted
barley, wheat, corn grits, corn syrup, rice, hops, sugar, water, glass, metal, and aluminum. If the
11. ANHEUSER-BUSCH INBEV 11
availability of any one of these raw materials was reduced, it would hinder AB InBev’s production
of its beverages. Less availability of resources drives increases in prices, causing an increase in
production costs. Commodity price volatility is driven by external factors, such as levels of crop
production, supply and demand, currency fluctuations, government regulations, and weather
conditions (Anheuser-Busch InBev, 2015). Commodity price risk was ranked number one on a list
of top 10 risks among a sample of food and beverage industry respondents in Aon’s 2014 U.S.
Industry Report. In 2011, AB InBev increased the price of its beers in the U.K. by 7.8% due to the
“rising cost of raw materials and energy” (Bamford, 2011). Absorbing cost increases through more
efficient means of production is increasingly challenging and “no longer sustainable” (Bamford).
When commodity prices are volatile, cost structure, budget, and inventory production are affected
(Aon Risk Solutions, 2014). If faced with increased operating costs, AB InBev may have no choice
but to pass price increases onto consumers and wholesalers, which may decrease demand for its
products.
VI. Strategic Risks
A. Political Risk
AB InBev has a political risk exposure due to its large international presence and planned
expansion into new markets. A considerable amount of the company’s business is conducted in
emerging markets, including Brazil, Argentina, China, Mexico, Russia, Bolivia, Paraguay,
Ukraine, and South Korea (Anheuser-Busch InBev, 2015). The company’s global operations are
threatened by perils such as economic or political sanctions as well as political instability. These
perils could interrupt in-country operations, increase costs, and make it more difficult to repatriate
profits (Anheuser-Busch InBev). Additionally, AB InBev’s strategy to expand into new markets
will increase the complexity and uncertainty of its political risk exposures.
12. ANHEUSER-BUSCH INBEV 12
Political sanctions are a risk for AB InBev, as exemplified by the company’s Ukrainian
subsidiary, PJSC SUN InBev Ukraine. In December 2014, as a result of the continuing conflict
and territorial dispute between the Ukraine and Russia, the U.S. imposed a trade restriction on
Crimea, the region subject to the dispute(Meltzer, 2014). The U.S. sanctions prohibited investment
by U.S. persons in Crimea, as well as the import or export of goods, technology or services to or
from Crimea (Meltzer). PJSC SUN InBev Ukraine sold and distributed a small number of products
in Crimea (Anheuser-Busch InBev). Because AB InBev has operations in the United States, it had
to comply by increasing monitoring and reporting activities of its Ukrainian subsidiary to ensure
alignment with the sanctions (Anheuser-Busch InBev). The cost of implementing these regulations
increased expenses and negatively impacted operating income.
Additionally, the continued political instability and military action in the region could
exacerbate the challenges for AB InBev. Political instability has lowered investor confidence in
the Ukraine. Political issues coupled with internal problems, such as corruption, have weakened
Ukraine’s economy, resulting in disruption of exports. Ukraine is “one of the world’s top exporters
of corn and wheat,” two products that AB InBev is dependent on for beer production (Petroff,
2014). Thus, political instability can bring about supply chain disruptions and an increase in cost
of goods sold, and is a contributor to supply chain and commodity price risks. Political instability
can also result in deterioration of physical assets due to damage from military activity, disrepair
from hard-to-acquire replacement parts, or reduction in asset value.
AB InBev’s plans to expand into new markets may be hindered by political risk exposures.
AB InBev has a “very small footprint” in Africa, while “SABMiller currently sells around 40 beer
brands in Africa and generates around a third of its profit and revenue across 37 African markets”
(Hancock, 2015). If AB InBev successfully acquires SABMiller, it will incorporate all of
13. ANHEUSER-BUSCH INBEV 13
SABMiller’s existing African offices and manufacturing plants into its business portfolio.
SABMiller has a presence in South Sudan, a region plagued by an ethnically-charged political
conflict since December 2013. The conflict over who should have power in the country has resulted
in “serious human rights violations and abuses committed by both sides,” in which “tens of
thousands [have been] killed and two million people [have been] forced from their homes” (Scott,
2015). Political conflicts in South Sudan and other African countries can hinder AB InBev’s
expansion strategy and cause difficult operating conditions.
B. Mergers and Acquisitions Risk (D&O Lawsuit Trigger)
As demand in the global beer markets shifts, brewers must be able to keep pace with the
changes, or else be exposed to replacement by competitors. As seen in Exhibit 1, U.S. craft beer
sales have grown from 5% of volume in 2010 to 11% in 2014, and now account for 19.6% of retail
value (Nordman, 2015). Since 2011, AB InBev has acquired five craft breweries and introduced
their regional product lines to consumers across the country with mixed results. Beers from
Chicago-based Goose Island have sold well across the country, while other acquisitions like
Seattle-based Elysian have been more controversial. Since the purchase, Elysian’s brewmaster
has resigned, and many formerly loyal fans have boycotted the brand. Furthermore, AB InBev
aired a Budweiser advertisement during the Super Bowl that mocked craft beer drinkers as a whole
and included a specific insult to a popular Elysian beer. This confusion and mixed messaging
expose AB InBev to possible resistance from potential acquisition targets and, in turn, can hamper
its strategy to grow revenues through acquisition.
On September 16, 2015, AB InBev publicly announced its intent to purchase SABMiller,
the world’s second largest brewer by volume, in a move which would see the combined company
producing over 30% of the world’s beer by volume— see Exhibit 2 (Mickle, 2015). The acquisition
14. ANHEUSER-BUSCH INBEV 14
would allow AB InBev to introduce its brands into several emerging markets that SABMiller
already has a strong foothold in, such as the Middle East and Africa. The acquisition would also
allow AB InBev to dominate the U.S. market, where AB InBev and SABMiller hold 45% and 25%
of the market share, respectively— see Exhibit 3. Despite all of the positives that could come from
such a large acquisition, it also presents several hurdles, not the least of which is antitrust
regulation. In addition to the costs of due diligence research, divestitures to avoid antitrust
scrutiny, corporate reorganization, and systems integration, AB InBev has agreed to pay
SABMiller a $3 billion breakup penalty if the acquisition fails.
In addition to the other costs, AB InBev will have to prepare for shareholder lawsuits
related to the acquisition. “During 2014, over 90% of M&A transactions resulted in at least one
lawsuit” (LaCroix, 2015). For a deal of this magnitude, litigation is highly likely. Most
shareholder class action lawsuits allege that the target company breached its fiduciary duty by
failing to maximize shareholder value in the sale. Despite an increase in the frequency of M&A
litigation, most settlements have relatively minimal damages, with many being satisfied only with
increased disclosures (LaCroix). In turn, legal fees tend to be the most expensive aspect of M&A
litigation, and can quickly reach into the tens of millions, especially with multiple lawsuits in
multiple venues, as the AB InBev-SABMiller deal would likely generate.
VIII. Conclusion
AB InBev faces a diverse set of risks including property damage, employee injury, product
liability, product recall, supply chain risk, climate change, political risk, currency risk, commodity
price risk, and mergers and acquisitions risk. Property damage from natural disasters, such as the
recent Hurricane Patricia, can result in repair and replacement costs, business interruption, and
extra expenses. Employee injuries can increase worker’s compensation costs and damages for pain
15. ANHEUSER-BUSCH INBEV 15
and suffering. Product liability and product recall risks may lead to litigation, reputation damage,
and loss of inventory. Logistics failures within the supply chain can cause business interruption,
as well as inventory spoilage and loss of key suppliers. Climate change and commodity price risk
can increase costs of raw materials and reduce profit margins. Political risk and currency risk may
result in lower investor confidence and operating profit. Mergers and acquisitions risks, such as
AB InBev’s potential acquisition of SABMiller, raise concerns about antitrust regulation, as well
as shareholder lawsuits and exorbitant legal fees. It is imperative that the company examine its
exposures and take action to manage crucial risks in order to minimize potential losses.
20. ANHEUSER-BUSCH INBEV 20
XII. References
Anheuser-Busch Companies, LLC. (2015, July 14). Anheuser-Busch Jacksonville Brewery.
Retrieved October 3, 2015, from http://anheuser-busch.com/index.php/our-
company/operations/breweries-brewery-tours/
Anheuser-Busch InBev. (2015, March 24). SEC filings: Forms 20-F. Retrieved September 28,
2015, from http://www.ab-inbev.com/investors/results-center/sec-filings.html
Aon Risk Solutions. (2014). 2014 U.S. Industry Report: Food system, agribusiness & beverage.
Retrieved September 28, 2015, from http://www.aon.com/industry-
expertise/agribusiness-food.jsp
Bamford, V. (2011, October 3). Stella brewer AB InBev announces major price hikes. Retrieved
October 4, 2015, from The Grocer website: http://www.thegrocer.co.uk/stella-brewer-ab-
inbev-announces-major-price-hikes/221519.article
Burstein, J. (2000, June 8). $175,000 Award In Beer Cap Injury. Sun Sentinel. http://articles.sun-
sentinel.com/2000-06-08/news/0006080196
Frankel, T. (2010, September 9). Skunky batch of Stella Artois recalled. Retrieved October 23,
2015.
Global Environmental Management Initiative (GEMI). (2004). Forging New Links. Retrieved
September 28, 2015, from http://www.gemi.org/supplychain/
Hancock, M. (2015, October 30). Africa expansion drives SAB Miller, AB InBev
mega-merger. Retrieved October 31, 2015, from This is Africa: a global
perspective website: http://www.thisisafricaonline.com/News/
Africa-expansion-drives-SAB-Miller-AB-InBev-mega-merger?ct=true
21. ANHEUSER-BUSCH INBEV 21
LaCroix, K. (2015, February 23). Takeover Litigation Continued at Heightened Levels in 2014.
Retrieved October 4, 2015, from The D&O Diary website:
http://www.dandodiary.com/2015/02/articles/shareholders-derivative-litigation/takeover-
litigation-continued-at-heightened-levels-in-2014/
Loder, A. (2012, May 4). A Closer Look at Brewery Accidents After The Deadly Redhook
Explosion. Retrieved September 28, 2015, from https://stateimpact.npr.org/new-
hampshire/2012/05/04/
Meltzer, R. I., Van den Broek, N., Carroll, K., Horn, D. M., & String, M. A. (2014, December
29). United States: New US and EU Russia sanctions legislation and embargo against
Crimea. Retrieved September 29, 2015, from
http://www.mondaq.com/article.asp?article_id=363170
Mickle, T., Chaudhuri, S., & Dalton, M. (2015, September 16). SABMiller Gets Takeover
Approach From Anheuser-Busch InBev. The Wall Street Journal, Business. Retrieved
from http://www.wsj.com/articles/sabmiller-gets-takeover-approach-from-anheuser-
busch-inbev-1442395363
Nordman, A. (2015, March 17). Craft Beer Breaks Double-Digit Market Share For The First
Time In US. Retrieved October 23, 2015, from http://www.ibtimes.com/craft-beer-
breaks-double-digit-market-share-first-time-us-1849648
Petroff, A. (2014, March 3). Ukraine crisis: Why it matters to the world economy. Retrieved
October 4, 2015, from CNN website:
http://money.cnn.com/2014/03/02/news/economy/ukraine-economy/
Rice, D. (2014, June 18). Hurricane danger zone: The 10 places most at risk.
Retrieved October 30, 2015, from USA Today website: http://www.usatoday.com/
22. ANHEUSER-BUSCH INBEV 22
story/weather/2014/06/17/counties-hurricane-vulnerability/10678675/
Schachar, N. (2014, April). Currency: Argentina's devaluation. Retrieved September 28, 2015,
from http://www.americasquarterly.org/content/currency-argentinas-devaluation
Scott, K. (2015, October 30). A time for justice in South Sudan. Retrieved October 31, 2015,
from Amnesty International website:
https://www.amnesty.org/en/latest/news/2015/10/a-time-for-justice-in-south-sudan/
Sullivan, M. (2008, April 7). Boston Beer Voluntarily Recalls Select Bottles of Samuel Adams
Beer. Retrieved September 28, 2015, from
http://www.bostonbeer.com/phoenix.zhtml?c=69432&p=irol-newsArticle&ID=1126505
Wilkinson, J. (2013, July 24). Transaction exposure. Retrieved September 28, 2015, from
http://strategiccfo.com/wikicfo/transaction-exposure/
