11:22 AM EDT, 03/14/2024 (MT Newswires) -- Altria Group ( MO ) said Thursday it is selling 35 million shares of Anheuser-Busch InBev ( BUD ) in a global secondary offering at $61.50 per American depositary share, corresponding to 56.17 euros per ABI share.

The offering and the previously announced $200 million share buyback by ABI directly from Altria ( MO ) may raise roughly $2.4 billion, Altria ( MO ) said.

The offering comprises public offerings of ABI's American depositary shares and ordinary shares in the US, a concurrent private placement of ABI shares in the European Economic Area and the UK, and an offering of ABI shares in other countries outside the US, according to Altria ( MO ).

The company said it has also granted the underwriters a 30-day option to purchase up to 5.25 million additional ABI shares owned by Altria ( MO ) at the same offering price.

In connection with the pricing of the offering, Altria ( MO ) said it has expanded its existing $1 billion share repurchase program by $2.4 billion, which it expects to complete by Dec. 31. The company added that the buyback program will eliminate future dividend payments on the repurchased shares, thus resulting in cash savings.

As these transactions are expected to be accretive to its 2024 earnings, Altria ( MO ) said it is raising its guidance for full-year 2024 adjusted diluted earnings per share to a range of $5.05 to $5.17, from $5.00 to $5.15 previously.

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