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Filed under: Deals, Anheuser-Busch Cos (BUD)

For hungry Wall Street investment bankers, the $45 billion merger of InBev and Anheuser-Busch Cos. (NASDAQ: BUD) is a nice relief. Yes, it means lots of juicy fees.

Another massive winner is Busch IV (the CEO of Anheuser). Apparently, he’s negotiating a consulting agreement that may exceed $10 million (there will be a $120,000 monthly retainer through December 31, 2013).

But according to a piece in Reuters, the transaction may have a dark side. Simply put, it hasn’t been easy to raise the debt financing. As a result, this might crowd out some of the financing of other M&A deals.

The high rates on the InBev financing is apt to push up other debt costs on other pending transactions. What’s more, there will be a flood of bond issuances on the market, which will put further pressure on the debt markets.

In other words, we might see a slowdown in M&A activity for the rest of the year — except for those buyers that have substantial balance sheets.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar On the internet Guide to Decoding Financial Statements. He also operates MergerBook.com.

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Filed under: Before the bell, Earnings reports, Analyst reports, Analyst upgrades and downgrades, Deals, Market matters, Hershey Co (HSY), Federal Natl Mtge (FNM), Lowe’s Cos (LOW), Economic data, BHP Billiton Ltd ADR (BHP), Qwest Communications Intl (Q), Oil, Lehman Br Holdings (LEH), Housing

U.S. stock futures turned higher Monday morning despite a dip in the dollar and oil prices rising somewhat. Investors may focus on the financial sector again following some news while they await housing data later today. More inflation data is due Tuesday.

UnionBanCal (NYSE: UB) accepted a sweetened bid from Mitsubishi UFJ Financial Group (NYSE: MTU). After rejecting two previous offers, UB accepted MTU’s offer to pay $3.5 billion, or $73.50 a share, for the remaining 35% portion of the California bank that it doesn’t already own. UB shares are trading 11.85% higher in premarket action.

Staying in financials, Lehman Brothers (NYSE: LEH) may see some action after The Wall Street Journal stated some analysts believe it could lose $1.8 billion during the quarter. LEH shares are 2% lower in premarket trading. Meanwhile, Barron’s stated a government recapitalization of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) is almost inevitable, wiping out investors — and management. Shares are 2% and 6% lower respectively in premarket trading.

Lowe’s (NYSE: LOW), the home improvement retail chain, reported results this morning. Lowe’s profit fell for the fourth straight quarter as the biggest U.S. housing slump since the Great Depression slowed spending. Net income declined 7.9% to $938 million, or 64 cents a share, exceeding analysts’ estimates by 8 cents. Sales rose to $14.5 billion from $14.2 billion. Lowe’s raised guidance, but stayed within estimates.

Mining giant BHP Billiton (NYSE: BHP) reported Monday a record annual profit and stated it expects demand for commodities to remain strong. Net profit for the year ended June 30 climbed 14.7% to $15.39 billion,in line with analysts’ forecasts. “The continuing huge industrialization in China is providing solid support to the global economy,” the company said in a statement.

Shares in Hershey Co. (NYSE: HSY) narrowed its 2008 earnings and revenue guidance and said t would raise wholesale prices by around 11% to offset the impact of soaring commodities costs. Citigroup also downgraded HSY from Buy to Hold. Shares could come under pressure.

Quest (NYSE: Q), the telecommunications carrier, reached a tentative deal with two unions early Monday, averting a possible strike that may have affected the services it is to provide to the Democratic National Convention in Denver next week and the Republican National Convention that begins Sept. 1 in St. Paul, Minn.

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Filed under: Deals, General Motors (GM)

Contrary to recent media speculation, leading Indian SUV-maker Mahindra & Mahindra is not interested in acquiring the Hummer brand that General Motors (NYSE: GM) is desperately trying to unload.

Managing director Anand Mahindra told reporters on Monday that his company isn’t interested in the Hummer, which leads us to one conclusion: Mahindra & Mahindra isn’t stupid.

In a related story, Reuters is reporting that China’s Hunan Changfeng Motor Co. had preliminary talks with GM about acquiring the brand, but it also backed out pretty quickly.

This is another setback for General Motors, but it’s not surprising: in addition to being hugely uneconomical in the face of high gas prices, the Hummer is also something of an international symbol of environmental destruction, and masculine posturing at its lowest ebb, as evidenced by this crude bumper sticker.

I’ll be fascinated to see who ends up buying Hummer, if anyone. Given the say of the economy, the credit markets, and gas prices, it wouldn’t be surprising to see GM forced to keep it.

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Filed under: Deals, Citigroup Inc. (C)

With the share prices of most of the financials in the toilet, and hundreds of billions in writedowns done and hundreds of billions more to come, UBS has laid out plans for a break-up, the question is being raised about other financial conglomaterates, most notably Citigroup: does the business model of a huge banking conglomerate that handles all aspects of commerce make sense?

From a risk management, it doesn’t appear to — and that was one of the main arguments put forth by consolidation evangelists like Sandy Weil.

The current mess appears to be demonstrating what many skeptical observers have recommended — and studies have demonstrated — for decades: mergers and acquisitions and other methods of corporate deckchair arrangements don’t add value. In the end, the whole is the sum of the parts.

But that raises the question: why break them up? If stringing them together into a conglomerate didn’t change anything, is there any reason to think that breaking up will change anything? I doubt it.

The bottom line is that all the mergers and acquisitions and spin-offs and break-ups are just a distraction from the real business.

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