

The union representing workers at Anheuser-Busch, the largest US brewer, has told its members that InBev's $46bn bid for the company could threaten their livelihood and lead to job losses.
The warning underlines the potential political hurdles facing the unsolicited bid, which has drawn fire from politicians of both parties in Anheuser's home state of Missouri.
The International Brotherhood of Teamsters said InBev's record "shows that workers and communities that depend on Anheuser-Busch could suffer from a possible erosion of working conditions and even [job losses]" in such a deal.
The union represents about 7,500 of the brewer's 30,000 US employees and also workers among the company's 500-plus local distributors.
InBev, based in Belgium, said last week it had no plans to close any of Anheuser's 12 breweries, and sought to play down the prospect of job cuts.
It also pledged to keep the headquarters of Anheuser's Budweiser brand in St Louis.
However, in a letter to members, the Teamsters argued that "to recoup the huge purchase price, experts say that InBev would probably have to cut Anheuser-Busch's operations to the bone".
"If the pattern InBev management has followed overseas is any clue, labor costs will likely be one of the first places it will seek to make cuts," it said.
InBev's bid may also face opposition from independent companies that distribute Anheuser-Busch products in the US - about 60 per cent of them working under exclusive contracts.
InBev has sought to address concerns among wholesalers, saying it is committed to the existing system, which is "an important part of the rationale for this transaction".
(ft.com)