Two of the world’s largest brewers could be joining forces.
Anheuser-Busch InBev has contacted SABMiller with a proposal to buy the London-based competitor. The transaction would create the largest brewing company in the world with a market capitalization of about $275 billion. A-B InBev has headquarters in Belgium with North American headquarters in St. Louis.
FedEx is reporting weaker demand for freight services and higher costs in its ground division. The company also said it plans to hire about 55,000 seasonal workers for the holidays, 5,000 more than last year. Read more here.
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Pinnacle Foods Inc. has boosted its quarterly cash dividend by 8.5 percent. The food company’s move will raise quarterly dividends by 25.5 cents per share to boost the annual dividend to $1.02 per share. The Parsippany, N.J.-based company makes brands including Birds Eye, Hungry Man, Aunt Jemima, and Duncan Hines. Find out more here.
In Colorado, an accounting error is giving marijuana consumers a tax holiday today. Because the state underestimated overall state tax collections last year, it will not be collecting a 10 percent sales tax on pot or a 15 percent excise tax on marijuana growers. Under the state constitution, the accounting error triggered an automatic suspension of any new taxes according to the recreational marijuana taxes that voters approved two years ago. Learn more here.
-Will Buss, BND business writer