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Dethroning the King: The Hostile Takeover of Anheuser-Busch, an American Icon
How the King of Beers collapsed without a fight and what it means for America's place in the post-Recession world How did InBev, a Belgian company controlled by Brazilians, take over one of America's most beloved brands with scarcely a whimper of opposition? Chalk it up to perfect timing―and some unexpected help from powerful members of the Busch dynasty, the very family that had run the company for more than a century. In Dethroning the King , Julie MacIntosh, the award-winning financial journalist who led coverage of the takeover for the Financial Times , details how the drama that unfolded at Anheuser-Busch in 2008 went largely unreported as the world tumbled into a global economic crisis second only to the Great Depression. Today, as the dust settles, questions are being asked about how the "King of Beers" was so easily captured by a foreign corporation, and whether the company's fall mirrors America's dwindling financial and political dominance as a nation. From America's heartland to the European continent to Brazil, Dethroning the King is the ultimate corporate caper and a fascinating case study that's both wide reaching and profound.
432 pages, Paperback
First published October 7, 2010
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Displaying 1 - 30 of 97 reviews
October 27, 2022
I enjoy a real-life tale of corporate incompetence, corruption, insider trading, price fixing, or hostile takeover. Barbarians at the Gate, Den of Thieves, and The Informant come to mind. Written well, these corporate dramas can read like thrillers. I had watched events unfold during InBev’s hostile takeover of Anheuser-Busch in the late ‘00s, so jumped on Dethronig the King with eager anticipation.
The book is a fascinating and sad look inside the rise and fall of the largest and most famous of US brewers. At one point the sales of Budweiser comprised 55% of the US beer market. According to author, Julie Macintosh, A-B reached that point solely through old fashion marketing. Remember the great Super Bowl ads - the Clydesdale and the puppy, the Budweiser frogs? No formula optimization, no focus group taste panels; there was never anything special about the beer. It was all marketing hype.
Macintosh spends much of the book detailing the contributors to company’s fall. To name a few: Although the company was public, it was run by members of the Busch family, whose major qualifications were their last names. They surrounded themselves with allies also born and raised in A-B’s home town of St Louis, and ignored the rapid global evolution in the industry. They freely spent their profits to support their lavish lifestyles: For example, all employees flew first class on business trips and enjoyed free Budweiser at home. August Busch III flew a helicopter to work every day. The company maintained a stable of 250 Clydesdale horses, as a corporate hobby. When InBev pounced, A-B was ill-prepared to fight back.
Because I love this kind of tale, I did find the book interesting. But I thought it could have done with some heavy editing. Macintosh’s work is not a page-turning drama, but rather a force-yourself-to-keep-going slog through deep weeds. She seemed compelled to include every single quote and anecdote her research turned up. And every time you thought you were making real progress, she backed up to add more detail from a different angle.
So I’m giving this book 3 stars for good content that could have been better conveyed.
The book is a fascinating and sad look inside the rise and fall of the largest and most famous of US brewers. At one point the sales of Budweiser comprised 55% of the US beer market. According to author, Julie Macintosh, A-B reached that point solely through old fashion marketing. Remember the great Super Bowl ads - the Clydesdale and the puppy, the Budweiser frogs? No formula optimization, no focus group taste panels; there was never anything special about the beer. It was all marketing hype.
Macintosh spends much of the book detailing the contributors to company’s fall. To name a few: Although the company was public, it was run by members of the Busch family, whose major qualifications were their last names. They surrounded themselves with allies also born and raised in A-B’s home town of St Louis, and ignored the rapid global evolution in the industry. They freely spent their profits to support their lavish lifestyles: For example, all employees flew first class on business trips and enjoyed free Budweiser at home. August Busch III flew a helicopter to work every day. The company maintained a stable of 250 Clydesdale horses, as a corporate hobby. When InBev pounced, A-B was ill-prepared to fight back.
Because I love this kind of tale, I did find the book interesting. But I thought it could have done with some heavy editing. Macintosh’s work is not a page-turning drama, but rather a force-yourself-to-keep-going slog through deep weeds. She seemed compelled to include every single quote and anecdote her research turned up. And every time you thought you were making real progress, she backed up to add more detail from a different angle.
So I’m giving this book 3 stars for good content that could have been better conveyed.
March 12, 2011
So, I don't drink. But while (and even after) living in St. Louis, I developed such an appreciation for all Anheuser-Busch did for the community, that I knew that if I DID drink, it would definitely be a Bud. When, a year or two after leaving St. Louis, I heard that AB was taken over, I was devestated (stong word, chosen carefully). I felt like I, personally, had been attacked and sold. Talking to people still there, I had reason to be sad - the city just wasn't the same. When I found out about this book, I was intrigued to find out what really happened and why. Unfortunately, I'm not a finance expert, and so a portion of the book went over my head - but while I couldn't explain it to you, I was able to follow along, so it worked. I found the book fascinating as it told the great and twisted Busch family history (more than I ever learned on the Grants Farm tour once a week...) and the personalities of AB CEOs. Seeing the big picture, I feel like they deserved the takeover on many levels, and maybe they DID kind of rally for it, if secretly. It's a tragic story, and I'm still really sad the company is no longer American owned - I feel like their leadership let me down. I don't think having lived in St. Louis is necessary for enjoying the book - though it certainly helped. It's a worthwhile read for anyone interested in foreign business takeover of American business, or for those interested in brewerys. The drama alone of mega-personality August Busch III keeps the story moving along.
June 6, 2013
Sharp lesson upon how strength can become weakness and how breathing your own smoke can choke off your own growth. 'Dethroning the King' was a good and easy read on the fall of Anheuser-Busch and the rise of InBev. The read provides sharp lessons, and a business reader will easily grab the necessity to create, expand, risk, and grow within a harsh and competitive marketplace.
An interesting facet of the book is the tale of the father-son relationship between August Busch III and August Busch IV. The book provides intimate details and a solid analysis of how their relationship thwarted A-B's success. III's insularity and lack of trust formed a consistent stance to remain with the status quo. How he relates to IV emerging into his path as successor and CEO leads the reader to shake his head. If they could have worked together, 'what if' abounds...Would St. Louis still be the home of the 'King of Beers.' Instead, III and IV become the icons of what can occur when a company is based upon ego and the plast and is not able to look into the looming future.
The shame is that A-B was a beacon for the American business dream. I'll recommend this read as a solid business case study. With a few moves to the global front, A-B could have evolved into the Coke or Pepsi for beer, not just a giant Excel sheet filled with cost-cutting digits.
BD
An interesting facet of the book is the tale of the father-son relationship between August Busch III and August Busch IV. The book provides intimate details and a solid analysis of how their relationship thwarted A-B's success. III's insularity and lack of trust formed a consistent stance to remain with the status quo. How he relates to IV emerging into his path as successor and CEO leads the reader to shake his head. If they could have worked together, 'what if' abounds...Would St. Louis still be the home of the 'King of Beers.' Instead, III and IV become the icons of what can occur when a company is based upon ego and the plast and is not able to look into the looming future.
The shame is that A-B was a beacon for the American business dream. I'll recommend this read as a solid business case study. With a few moves to the global front, A-B could have evolved into the Coke or Pepsi for beer, not just a giant Excel sheet filled with cost-cutting digits.
BD
February 6, 2013
I should have finished this book three years ago... Interesting read, especially since the focus is solely AB's. The book deserves a sequel, but then written both from our (InBev's ) perspective, and describing what happens to the Budweiser brands between 2009 and ?.
I laughed out loud when the author described how sorry an AB executive was when he heard that AB's theme parks were being sold off. And I felt sorry she did not have the time to include what happened to August IV after he became a overpaid consultant to AB InBev.
I laughed out loud when the author described how sorry an AB executive was when he heard that AB's theme parks were being sold off. And I felt sorry she did not have the time to include what happened to August IV after he became a overpaid consultant to AB InBev.
August 8, 2024
A great read. Nearly as good as Barbarians at the Gate, and better in a different way; namely, the depth of research the author did to explicate the Busch family dynamics which directly informed the takeover. This book could have been 300 pages longer and explored the cultural impact of a foreign corporation subduing an American icon—an exploration I would have welcomed.
January 12, 2024
Excellent story of the AB takeover. Good business book
September 6, 2019
It was a very interesting book to get the back office story of the AB takeover by InBev. Everyone probably blames August IV for the takeover, but I believe that August III was equally responsible. August III was to conservative and never wanted to be a global brewer because he thought it was to risky.
October 11, 2014
A recent visit to the Anheuser-Busch brewery in St. Louis and some small familiarity with Mexico's Grupo Modelo brought to mind the InBev purchase of A-B in 2008. This book describes the behind-the-scenes maneuvering of all three companies with a special emphasis on the personalities and family background of August Busch III and August Busch IV.
The backdrop of the financial crisis of 2008 lends urgency and important context to the deal and is well explained by Macintosh. There could be a sequel around the acquisition just a few years later of Grupo Modelo by the new A-B InBev company and the fact that no Busch and possibly no former A-B connection remains on the A-B InBev board.
The backdrop of the financial crisis of 2008 lends urgency and important context to the deal and is well explained by Macintosh. There could be a sequel around the acquisition just a few years later of Grupo Modelo by the new A-B InBev company and the fact that no Busch and possibly no former A-B connection remains on the A-B InBev board.
June 13, 2014
Pretty good book
Gives overview of the company and founding family, the takeover saga and various defense strategies pursued, the pr aspect, and what happened after the merger went through.
Pretty well written and easy to read. Really interesting to see the marketing and PR aspects of the merger rather than elaborating on the typical antitrust concerns of a big merger.
It was worthwhile reading this book.
Gives overview of the company and founding family, the takeover saga and various defense strategies pursued, the pr aspect, and what happened after the merger went through.
Pretty well written and easy to read. Really interesting to see the marketing and PR aspects of the merger rather than elaborating on the typical antitrust concerns of a big merger.
It was worthwhile reading this book.
September 12, 2013
More a tale of a dysfunctional father-son relationship with a business story there for good measure. Pretty interesting, probably more because of my familiarity with the key players from being a Busch Gardens employee through the take-over and subsequent selling of assets.
July 18, 2016
Great Pace
Wonderfully paced and researched book about the largest cash takeover ever. A-B is a complete corporate enigma, crazy they lasted as long as they did.
Great book, recommended for all St. Louis residents who watched this once proud firm crumble to bean counters.
Wonderfully paced and researched book about the largest cash takeover ever. A-B is a complete corporate enigma, crazy they lasted as long as they did.
Great book, recommended for all St. Louis residents who watched this once proud firm crumble to bean counters.
May 10, 2012
It's a remarkable account of how once-upon-a-time mighty and powerful player had to fight for mere survival and compete with seemingly unimportant competition. Must read non-fiction!
September 17, 2012
picked it up to support a classmate. couldn't put it down because it was great writing.
love stories powered by people
love stories powered by people
November 27, 2012
Facinating look behind the curtains of the Takeover of A-B
January 30, 2013
Provides insight to the megalith A-B and the striking personality differences between father ("the third) and son ("the fourth").
January 17, 2014
Particularly interesting (and sad) for St. Louisans.
April 4, 2014
Fascinating
March 30, 2013
Fascinating to see the politics of this company and the behind the scenes decision-making.
November 6, 2024
The best of three books I've read (or re-read) recently on the history and sale of Anheuser-Busch.
I have a more-than-passing interest in the subject having lived in St. Louis for nearly 40 years - most of that close enough to the brewery to tell from the smell in the air when a batch is being moved to the lagering vats.
While other books may have been more personal (Family Reins: The Extraordinary Rise and Epic Fall of an American Dynasty) or delved into the more salacious aspects of the Busch family (Bitter Brew: The Rise and Fall of Anheuser-Busch and America's Kings of Beer), Dethroning the King is tightly focused on the last days of Anheuser-Busch as the last family-led brewer in America.
MacIntosh's access to the board members, employees, and advisors to the three major players - A-B, InBev, and Modelo - offers insight to the dynamics between management, board, bankers, PR, and legal knee-deep in a deal that would forever change the history of these companies and the city of St. Louis. This is the most revealing look at what a board of directors is thinking about a firm 'in play' that I have run across.
(A side note, two board members of A-B, Andy Taylor and Busch III himself, were directors of a St. Louis insurer where I was working, General American, when it faced a liquidity crisis a few years earlier and were personally sued - a memory that surely influenced their behavior in the A-B/InBev deal.)
The reader gets a sense of the inevitability of A-B being driven down the chute into the maw of InBev by forces external and internal despite being shown glimpses of escape routes:
If only the Busch family still had control (they owned about 4% at the time of the deal)
The beer market was shrinking
Competitors had been consolidating (MolsonCoors, SABMiller) and few options were left
August IV was wholly unprepared to take the reins and August III retained a need for control
That same need for control doomed a merger with Modelo that may have fended off InBev
. . . And don't forget this deal occurred against the backdrop of the unfolding Global Financial Crisis.
___________
St. Louis has been less of a city without A-B and the influence of the Busches. Yes, the brewery is still here, but it is the smallest of AB-InBev's in the US, employs far fewer than in its hey-day, and carries with it overhead that matters not to the foreign owners (Clydesdales, historical architecture, etc.). Yes, the Cardinals still play in Busch Stadium, but its namesake beer can only be found at one vendor in the park. The largess of the brewery and the family has evaporated as has the pride in living where they once made The King of Beers.
I have a more-than-passing interest in the subject having lived in St. Louis for nearly 40 years - most of that close enough to the brewery to tell from the smell in the air when a batch is being moved to the lagering vats.
While other books may have been more personal (Family Reins: The Extraordinary Rise and Epic Fall of an American Dynasty) or delved into the more salacious aspects of the Busch family (Bitter Brew: The Rise and Fall of Anheuser-Busch and America's Kings of Beer), Dethroning the King is tightly focused on the last days of Anheuser-Busch as the last family-led brewer in America.
MacIntosh's access to the board members, employees, and advisors to the three major players - A-B, InBev, and Modelo - offers insight to the dynamics between management, board, bankers, PR, and legal knee-deep in a deal that would forever change the history of these companies and the city of St. Louis. This is the most revealing look at what a board of directors is thinking about a firm 'in play' that I have run across.
(A side note, two board members of A-B, Andy Taylor and Busch III himself, were directors of a St. Louis insurer where I was working, General American, when it faced a liquidity crisis a few years earlier and were personally sued - a memory that surely influenced their behavior in the A-B/InBev deal.)
The reader gets a sense of the inevitability of A-B being driven down the chute into the maw of InBev by forces external and internal despite being shown glimpses of escape routes:
If only the Busch family still had control (they owned about 4% at the time of the deal)
The beer market was shrinking
Competitors had been consolidating (MolsonCoors, SABMiller) and few options were left
August IV was wholly unprepared to take the reins and August III retained a need for control
That same need for control doomed a merger with Modelo that may have fended off InBev
. . . And don't forget this deal occurred against the backdrop of the unfolding Global Financial Crisis.
___________
St. Louis has been less of a city without A-B and the influence of the Busches. Yes, the brewery is still here, but it is the smallest of AB-InBev's in the US, employs far fewer than in its hey-day, and carries with it overhead that matters not to the foreign owners (Clydesdales, historical architecture, etc.). Yes, the Cardinals still play in Busch Stadium, but its namesake beer can only be found at one vendor in the park. The largess of the brewery and the family has evaporated as has the pride in living where they once made The King of Beers.
June 23, 2024
The book follows a predictable story. If you’ve seen succession, it’s quite easy to see the plot similarities- and the show must have drawn down on aspects on the central characters and incidents.
This story could just have been written better.
And succession as a show is much better watch.
Story of a proud American company which gets taken over by an “outsider” is a good narrative arc - but this was fairly straightforward deal where people are trying to maximise the deal value through the fairly obvious means. Cults of personality - as most CEOs have - is very evident and obvious for family run company. And then investment bankers and lawyers are involved to do deal mathematics and negotiations - to increase their share of the pie.
Run of the mill story. Barbarians at the gate remains the best book I’ve read on such mergers/ corporate take over story. Absolutely riveting story. This could have been written much better. Really had to struggle finishing it.
This story could just have been written better.
And succession as a show is much better watch.
Story of a proud American company which gets taken over by an “outsider” is a good narrative arc - but this was fairly straightforward deal where people are trying to maximise the deal value through the fairly obvious means. Cults of personality - as most CEOs have - is very evident and obvious for family run company. And then investment bankers and lawyers are involved to do deal mathematics and negotiations - to increase their share of the pie.
Run of the mill story. Barbarians at the gate remains the best book I’ve read on such mergers/ corporate take over story. Absolutely riveting story. This could have been written much better. Really had to struggle finishing it.
May 17, 2024
Reading this brought back a lot of memories. I was in the lower ranks of Anheuser-Busch when the takeover happened. I remember the December 8th date that Julie calls out that InBev laid off a TON of the workforce. I had been nudged in September of that year by a fantastic boss that we'd be well served to look for a new job. As it turned out, my last day was December 5th, 2008 by my own choice. I of course, heard about the rest of my team getting cut the following Monday.
The analysis of whose fault it was in this book was extremely interesting. I kind of remember no one really knowing back then, but most people blamed the 4th. The sale of that icon really hurt the city of Saint Louis. I still love my bud light, and I still support AB, but boy things were never the same again. Thanks for writing such a thorough documentary on this!
The analysis of whose fault it was in this book was extremely interesting. I kind of remember no one really knowing back then, but most people blamed the 4th. The sale of that icon really hurt the city of Saint Louis. I still love my bud light, and I still support AB, but boy things were never the same again. Thanks for writing such a thorough documentary on this!
December 26, 2020
A well written book detailing the hostile takeover of InBev. I wish it had a bit more detail on what happened after and on the corporate culture before but it touched on enough.
An heiser was a typical good ole boys Club That had gotten fat and lazy with corporate excess. First class flights for managers, insane perks, a “yes man” attitude had rotted the inside. That is not to say that AB was not a beloved and impressive company from the outside. They produced incredible marketing campaigns that touched the cultural zeitgeist. They were a beloved company and an icon. They dominated the US market to an unimaginable level.
But the missteps and hubris undid them. They should have cut costs sooner and invested internationally. The autocratic rule of the Third that torpedoed every possible deal was their undoing. Yet that same rule also pushed them to 50% share.
An heiser was a typical good ole boys Club That had gotten fat and lazy with corporate excess. First class flights for managers, insane perks, a “yes man” attitude had rotted the inside. That is not to say that AB was not a beloved and impressive company from the outside. They produced incredible marketing campaigns that touched the cultural zeitgeist. They were a beloved company and an icon. They dominated the US market to an unimaginable level.
But the missteps and hubris undid them. They should have cut costs sooner and invested internationally. The autocratic rule of the Third that torpedoed every possible deal was their undoing. Yet that same rule also pushed them to 50% share.
October 18, 2023
While this book gives some background on the Busch family - especially August III - this is mainly about the inside maneuvering of AB negotiations with Modello in Mexico and InBev from Brazil. We all know who ended up buying AB. I found Bitter Brew: The Rise and Fall of Anheuser-Busch and America's Kings of Beer was a better book as it went more into the personalities of the family. This book doesn't go into the issues with August IV and points more of the finger at the control of August III had over the company, Board of Directors, and his son. Overall, many bad decisions were made. Also goes to show that maybe you shouldn't have all friends on your Board.
How did this book find me? It was a Hoopla recommendation.
How did this book find me? It was a Hoopla recommendation.
November 3, 2016
This was an eye-opening account of InBev's takeover of A-B, which took place just as the nation's economy was melting down in late 2008. The whole story is a series of improbable events that, if not for the fateful nature of their timing, could have resulted in a much different outcome. What made the story even more interesting to me was that, a couple of months ago, I made my first visit to St. Louis and toured the A-B "factory" - not realizing at the time that it is really just a Disneyland-like depiction of what the brewery used to be.
December 27, 2017
Truth be told I was a bit surprised at how much I actually liked this book. I'm not someone who is usually interested in business stores, and the takeover back 2008 did originally register with me. This was really good, and interesting. MacIntosh does a good job of introducing the players in the deal, and provides plenty of background to go along with it.
The story does a nice job of going through the ins-and-outs of the deal, and the aftermath. My only minor quibble is that is might be a tad too long.
The story does a nice job of going through the ins-and-outs of the deal, and the aftermath. My only minor quibble is that is might be a tad too long.
June 17, 2024
Like Bitter Brew: The Rise and Fall of Anheuser-Busch and America's Kings of Beer, this book covers the history of A-B centered ultimately on the InBev takeover. Where Bitter Brews focused on the flaws of the family, especially August IV, this book places the blame much more squarely on August III (and the Board of Directors).
September 4, 2017
Great read! Very well documented, and sourced, insider look at how A-B went down to InBev. I found this to be a fascinating read, and one that I would think every red-blooded American would enjoy, if for no other reason than to understand how (and why) one of the most premiere American companies was taken down by a foreign competitor. MacIntosh does a great job putting all of this together in a way that is very readable and highly entertaining.
November 26, 2022
Captivating story- from the business perspective w/the tension between Anheuser Busch, InBev and Modelo to the Busch family perspective w/the dynamic between August father and son. I could definitely imagine this as a TV series....there were so many surprising twists and I could barely believe the "Seller from Hello" chapter. If you're looking for a thrilling, non-fiction business page-turner would recommend starting Dethroning the King.
March 3, 2019
The author gets a great perspective from the point of view of the Busch family and the A-B dynasty. However, the book is surprisingly sparse on details of the Inbev side. I get that the author wanting to tell about the family tragedy but given the tactics of the 3G crew it would have been nice to read more about the history there and it might have dovetailed in nicely with her theme.
July 4, 2022
Wow. Finishing this book is like finishing a classic movie full of highlights and twists. It was an epic story. The best part, in my view, would still be the tension and departing of the father and son, that is, the III and the IV. I agree it feels "Shakespearean" and so tragic. The realness of M&A negotiations and board dynamics were also superb.
Displaying 1 - 30 of 97 reviews