We have a headquarters in St. Louis, Missouri. make AB InBev's anti-competitive distributor network even more powerful, AB InBev could make Coca-Cola its next takeover target. This iconic brand is brewed in the United States and has been around since the late 1800s. mps._ext = mps._ext || {}; It pairs nicely with a variety of snacks, making it a great choice for any occasion. Advertisement - story continues below Bud Light partnered up with transgender social media influencer Dylan Mulvaney and the rest is history. [9] SAB Limited beers The brewers still need clearance from China before they can close the transaction. It's forecast to make up 33 percent of SABMiller's total global sales in fiscal 2017, up from 18 percent in 2013. mps._queue.mpsloaded = mps._queue.mpsloaded || []; Together, the company would dominate global beer sales with nearly 30 percent market share, three times its next rival, Heineken. Peroni, Leinenkugels, and Coors are all produced by SABMiller under an agreement with Molson Coors Brewing Co. STORAGE: 6, mps._log('**** LOADED: Google PII Fix - cnbc-cms-header-insert'); Under InBev, the flagship brands that you will mostly come across in the U.S. are Stella Artois, Brahma, Beck's, Leffe, Boddingtons, Hoegaarden, Labatt, Lwenbru, St. Pauli Girl and Tennent's. Under the new "Belgweiser" ownership, they add over 40 different beers and malt liquors. AB InBev moved to address competition problems in U.S. by offering to sell SABMiller's MillerCoors 58 percent stake to Molson Coors. Twelve organizations and businesses filed responses from the Brewers Association and the National Beer Wholesalers Association to Yuengling and Ninkasi Brewing. Budweiser is sold in both bottles and cans, while Miller is only available in cans. The answer is no. 'cag[related_related]' : 'Molson Coors Beverage Co' , There was pressure from some SABMiller shareholders to change the structure of the deal. Whether you decide to stick to Budweiser or Miller, or you decide to explore other brands, make sure to drink responsibly and enjoy. 'site' : 'cnbc-mobile' , Though observers never really questioned the ultimate outcome of the merger negotiations, they didnt always proceed smoothly. To gainU.S. regulator's approval of the so-called Megabrewdeal,Belgium-based AB InBev has agreed to sell its SABMiller's U.S. business, which will allow Molson Coors to sellbeers such as Miller Lite and Miller High Life in the U.S. AB InBev must also seek DOJ review of any future acquisitions of beer distributors or craft beer brands. 4-selling beer in the U.S.,as well as No. AB InBev first disclosed it had approached SAB Miller about a merger in September. SABMiller co-owns Snow, of which 106.6 million hectoliters was consumed in China in 2014, according to The Wall Street Journal. Given the largely complementary geographical footprints and brand portfolios of AB InBev and SABMiller, the combined group would have operations in virtually every major beer market, including key emerging regions with strong growth prospects such as Africa, Asia, and Central and South America, the company said a week ago. SHOCK: AB InBev not satisfied destroying its Bud Lite brand is now working hard to destroy its Miller Lite brand, the caption reads. "Theyarebuying extremely profitable businesses inColombia and Peru and SouthAfrica (and)the growth opportunity in Africa, called sort ofthelast frontier for (a) real per capita or premium-ization opportunity.". Both brands are popular around the world and have similar tastes and styles. Global megabrewer Anheuser-Busch InBev announced Tuesday that it had reached a tentative agreement to purchase its rival SABMiller for $104 billion. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); As an Amazon Associate, I earn from qualifying purchases. (Photo by Andrew Burton/Getty Images). Last month, people familiar with the matter told Bloomberg News that Chinese officials were close to blessing the tie-up after the companies agreed to divest the maker of Snow beer, the world's top-selling brand. Anheuser-Busch InBev became even larger in October 2016 by acquiring Sab Miller. mps.response.dart.adunits[i].data = ' }; But Anheuser-Busch (AB InBev) owns a lot of brands in a lot of stores. But none of pushback or punishments ever really seem to stop the worlds largest beer manufacturers. Anheusers stock has been mostly stagnant in recent years, but it has recently risen. Exploring The Nutritional Content Of A Popular Low-Carb Beer, How Long Can Unopened Beer Last? Anheuser-Busch InBev is the largest of the three, with a market share of more than 45%. I cover the business of beer and alcohol, mixed with a little politics, sold in a grocery store on October 9, 2015 in New York City. Miller Lite is not either of the brand lists on the websites for AB Inbev and Anheuser-Busch. How AB InBev Won Over SABMiller - WSJ - The Wall Street Journal Miller is an American light-tasting lager beer, brewed for the U.S. market since the late 1800s. Whether you prefer Budweiser or Miller, you can be sure to find a beer that you will enjoy. script.setAttribute("onerror", "setAdblockerCookie(true);"); Both have a long-standing reputation of quality, and offer a wide variety of beer styles. 'template' : 'story_simple' , 'is_sponsored' : '0' , Both teams hold lucrative partnership deals with the beer maker, which extends to some of their most visible marketing tactics. There are also some notable differences. 2023 CNBC LLC. 'path' : '/id/103074069' , The company is headquartered in Belgium and has operations in over 30 countries. What Are the Budweiser Bleachers at Wrigley Field. } Probably not. What Beers Are American Owned - Bla Bla Beer document.cookie = "__adblocker=" + (adblocker ? mps._urlContainsEmail = function() { By remaining on this website, you indicate your consent. The consent decree will expire in eight years (10 years overall, from 2016), but it could also be terminated in five if the Department of Justice concludes its no longer in the best interest of the public. Our combination with SABMiller will bring more choice to more beer drinkersand extend the global reach of our iconic American brands, such as Budweiserin markets outside of the U.S.. Budweiser and Miller are two iconic beer brands that are owned by different companies. } mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2"; }); } }; The commercial appears to advocate for women brewers while reprehending sexist ads common in the beer industry. Owned by AB InBev, is Americas best-selling beer, while Miller, owned by Molson Coors, is a top-selling beer in the U.K. With no more beer mega-deals on the horizon, its anyones guess as to what AB InBev, a serial acquirer, might buy next. Data is a real-time snapshot *Data is delayed at least 15 minutes. Although these two iconic beer brands are owned by different companies, they still have certain similarities. About Tuesdays agreement in principal AB InBev said, the Board of SABMiller has indicated to AB InBev that it would be prepared unanimously to recommend the all-cash offer of GBP 44.00 per SABMiller share to SABMiller shareholders, subject to their fiduciary duties and satisfactory resolution of the other terms and conditions of the Possible Offer. Over the last 150 years, Busch Beer has been made by the same family. return false; Until 2008, when the purchase of Anheuser-Busch resulted in the formation of Anheuser-Busch InBev (abbreviated AB InBev), it was independent. And then there were two. The American brewer that was established in 1852 in St. Louis, Missouri. Anheuser-Busch InBev NV finally won over SABMiller PLCs board with a $104.2 billion takeover bid to create a brewer that would dominate much of the worlds beer market, but only after weeks of behind-the-scenes talks that erupted into a testy public standoff. 2 seller Coors Light, in the U.S., and will have the rights to the Miller brand outside the U.S. As a result, the twolargest U.S. brewers,Anheuser-Busch andMillerCoors,will "now remain independent competitors (in the U.S.) after the deal," Pfaffenroth said. A merger would also increase AB InBevs exposure in emerging markets, particularly Africa, where gross domestic product is expected grow steadily in coming years. Molson Coors owns those rights in America via its American subsidiary MillerCoors. No matter which brand you prefer, you cant go wrong with either Budweiser or Miller. While Budweiser is more popular in the U.S., Miller is more popular in the U.K. var dynamic_yield_enabled = 1 Does Miller own Dos Equis? var script = document.createElement("script"); Six of the worlds most valuable beer brands are already owned by AB InBev. Not only do they fear the merger will flatten the market, they caution it can make AB InBev's anti-competitive distributor network even more powerful. Growth in beer consumption in Africa is also a driver for AB InBev. fetch('https://geo.cnbc.com/info/').then(res => res.json()).then(result => { While they have many similarities in terms of their popularity and taste, there are also notable differences between the two. In the latest of a string of disciplinary actions by the federal government, late last month the corporation agreed to pay $6 million to the Securities and Exchange Commission to settle bribery charges in India. The brewer also can't provide incentives or rewards to a distributor based on the percentage of AB InBev beer the distributor sells compared with the sale of rival beers. 'cag[type_cnbcteam]' : 'CNBC US Team' , AB InBev - Wikipedia var slotid = "mps-getad-" + adunit.replace(/\W/g, ""); In fact, it is likely that Budweiser would not be successful in . The similarity in taste and style makes it difficult to distinguish between the two brands. }); However, InBev would not take over the Miller brand. The company owns brands like Miller Lite, Blue Moon, and Coors. SABMIller was little changed at 44.25 pounds in London. Anheuser-Busch, a wholly owned subsidiary of Anheuser-Busch InBev SA/NV, is the largest brewing company in the United States, with a market share of 45 percent in 2016. 'cag[related_primary]' : 'Mergers and acquisitions|Business|Food and drink|Anheuser Busch Inbev SA|Heineken NV|SABMiller PLC|China|Belgium|DO NOT USE Consumer|Mergers|Special Reports|The Big Crunch|Business News|Food and Beverage|Deals & IPOs' , }; s.src = "https://fm.cnbc.com/applications/cnbc.com/resources/files/2020/03/28/VisitorAPI.js"; But Anheuser-Busch (AB InBev) owns a lot of brands in a lot of stores. head.insertBefore(mpsload, head.firstChild) Boycotting Bud Light? Here Are All the Brands Owned by Beer's - IJR It is important to remember that Budweiser and Miller are two separate companies with very different origins. For beer drinkers, having the option to choose between two of the same style of beer increases their selection and allows them to decide which one they prefer. InBev, a Belgian brewing company, is one of the companies formed from the 2004 merger of Belgian brewer Interbrew with Brazilian brewer AmBev. "updatecorrelator" : true InBev was formed in 2004 through the merger of Anheuser-Busch and Interbrew. if (typeof window === 'undefined') return; Another condition prevents AB InBev from running incentive programs that encourage independent distributors to not sell imports or craft beers made by competitors. var mps = mps || {}; AB InBev wins latest legal battle against Molson Coors The industry is also a major contributor to the economy, employing millions of people and generating billions of dollars in revenue each year. Distribution and use of this material are governed by Exploring The Factors That Determine Beer Shelf-Life, Navigating Tax Deductions For Beer And Wine Purchases For Nonprofit Organizations, Aged To Perfection: Uncovering The Secrets Of Yuengling Americas Oldest Brewing Tradition, Discover The Unique Flavor Of Sarsaparilla Beer: An Exploration Of Its Taste And History, Know Your Beer: An Overview Of Calories In Different Types Of Beer. our Subscriber Agreement and by copyright law. We have a headquarters in St. Louis, Missouri. Boycotting Bud Light? Here Are All the Brands Owned by Beer's Parent Photo: Bloomberg. "The settlement also preserves the ability of smaller brewers including brewers of craft and import beers to compete against (AB InBev)by protecting their access to important distribution networks. window._mpspixZ = (function(a){var b="abcdefghiklmnopqrstuvwxyz".split("");a||(a=Math.floor(Math.random()*b.length));for(var c="",d=0;dDoes InBev own Miller beer? - Resurrectionofgavinstonemovie.com } [citation needed] It had 200 brands prior to the merger with SABMiller on October 10, 2016. return Object.values(OneTrustCategories).filter((c) => blockedCategories.includes(c)).length > 0; if (document.cookie.length > 0) { Question: Who Makes Dos Equis Beer? - The Institute of Beer TARGETED_ADS: 4, Though observers never really questioned the ultimate outcome of the merger negotiations, they didnt always proceed smoothly. Whether youre watching the match at a pub, barbequing in the garden, or just enjoying a bottle while relaxing, Millers distinct flavor is sure to please. (function() { 'subtype' : 'special_report' , AB InBev picks up few craft brands with SABMiller, but the deal is more importantly a geography play asitexpects to gain a significanttoehold in high growth African and Asian markets. Budweiser maker Anheuser-Busch InBev reaches $107B deal for SABMiller. 'byline' : 'Nicholas Wells|Mark Fahey' , And AB InBev just cant seem to stay out of trouble. June 14 (Reuters) - Anheuser-Busch InBev's (ABI.BR) Bud Light has lost its top spot in the U.S. beer market to Constellation Brands' (STZ.N) Modelo . ZX Ventures YOU LOVE OUR BRANDS. Its also a great beer to enjoy on its own, whether youre sitting by the pool or relaxing on the beach. AB InBev's beer portfolio includes Bud Light, the top-selling beer in the U.S., Budweiser,Busch, Michelob, Natural Light, Stella Artois, Shock Top, Goose Island and Becks. cStart = cStart + name.length + 1; 'cag[type_place]' : 'China|Belgium' , Brands: Miller, Peroni, Milwaukee's Best, Grolsch. (Joe Raedle / Getty Images). The remedy we secured will help preserve and promote competition in the multi-billion dollar U.S. beer industry, said Deputy Assistant Attorney General Sonia Pfaffenroth of the Justice Departments Antitrust Division in a statement. AB InBev said it would offer a partial share alternative to its cash proposal of 0.483969 unlisted shares and GBP 3.7788 in cash for each SABMiller share, equivalent to a value of GBP 39.03 per SABMiller share on Oct. 12, or a 33% premium. if (EEA_REGION_COUNTRY_CODES.includes(result.geo.country_code)) { Budweiser is more popular in the United States while Miller is more popular in the United Kingdom. Also, ABI isnt supposed to complete any acquisitions of a beer brewer, importer, distributor, or brand owner that derives more than $7.5 million in annual gross revenue from beer sold for further resale in the territory, or from license fees generated by such beer sales. Let it be noted that since the Department of Justice filed its antitrust complaint in 2016, ABI has bought Wicked Weed Brewing Co., SpikedSeltzer and Virtue Cider (the remaining stake at least). mps._queue.mpsinit = mps._queue.mpsinit || []; Anheuser-Buschs Bud Light has faced a boycott since its partnership with transgender influencer Dylan Mulvaney, and the brand isnt going away, according to a former Anheuser-Busch executive, Newsweek reported. })(); let cStart = document.cookie.indexOf(`${name}=`); The World's Largest Beer Company: Anheuser-Busch InBev SOCIAL_MEDIA: 8 Both of these iconic beer brands are popular around the world and offer something unique. We're seeking passionate people who'll be inspired by brewing the world's most loved beers, building iconic brands, and creating meaningful experiences. Following divestitures, the deal will keep Budweiser, Beck's and Stella Artois under AB InBev's roof, while ceding control of brands such as Miller in the U.S. and Peroni and Pilsner Urquell in Europe. The dollar u.s. beer industry is one of the most important industries in the world. According to published reports, Japans Asahi has expressed interest in following up its purchase of Peroni, Grolsch and Meantime with the purchase of additional brands. Some fund managers wanted SABMiller to reconsider the 44-pound-a-share offer following the plunge in the pound since the U.K. voted to leave the European Union. Anheuser-Busch InBev (AB InBev) owns Budweiser, while Molson Coors owns Miller. let cEnd = document.cookie.indexOf(';', cStart); Molson Coors is a company that is committed to creating a better world through beer. mpsload.id = "mps-load"; (Photo by Andrew Burton/Getty Images). (Photo by Andrew Burton/Getty Images), Yes, You Can Afford To Drink The Best Beer In The World, Everything You Need To Know About Lab-Grown Meat Now That Its Here, Who Is Buying All Those Hard Seltzers? In 2008, InBev, the worlds largest brewer, took over Miller Brewing, the second largest brewer in the United States. (function() { Initially, AB InBev offered $57 a share before making four bid increases in recent weeks, culminating in its Tuesdays offer at $67. Follow Mike Snider on Twitter: @MikeSnider. NEW YORK, NY - OCTOBER 09: In this photo illustration, Bud Light beer and Miller High Life beer are sold in a grocery store on October 9, 2015 in New York City. Budweiser and Miller both boast a crisp, refreshing flavor that appeals to a wide range of beer drinkers. In addition, InBev was a much larger company than Anheuser-Busch, and the sale would have given Anheuser-Busch access to a larger customer base and distribution network. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, Save up to $15 with TurboTax coupon May 2023, Epic Bundle - 3x Expert Stock Recommendations, 15% Off DIY Online Tax Filing Services | H&R Block Coupon, 10% TopResume Discount Code for expert resume-writing services, 30% Off Local Activities + Experiences w/ Groupon Coupon. .split(',') Concerns have been raised as to how much cost-cutting Anheuser will be able to accomplish as a combined entity. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Molson Coors will have the rights to sell those beers in the U.S. } "SHOCK: AB InBev not satisfied destroying its Bud Lite brand is now working hard to . The commercial appears to advocate for women brewers while reprehending sexist ads common in the beer industry. } InBev, a Belgian brewing company, is one of the companies formed from the 2004 merger of Belgian brewer Interbrew with Brazilian brewer AmBev. The judgement made it more difficult for ABI to buy distributors, break or negotiate contracts with them, retaliate against wholesalers, require reporting about a distributors business or give incentives to those beer distributors. The most notable differences between Budweiser and Miller are the availability of each brand. Beer is the oldest and most widely consumed alcoholic beverage in the world, having been consumed for thousands of years. This copy is for your personal, non-commercial use only. If AB InBev does not make a formal offer for SABMiller by 5 p.m. on Monday, October 14th, the company will walk away. if (cEnd === -1) { From Brewbound: Nevertheless, now that the consent decree is officially signed, sources with knowledge of A-B InBevs business who spoke to Brewbound believe the company could once again become a more active dealmaker for both breweries and distributors. {"@context": "https://schema.org","@type": "NewsArticle","description": "The merger of AB InBev and SABMiller would create the biggest beer company in the world. mps._queue.refreshads = mps._queue.refreshads || []; } In an inflationary period such as now, this moat is a huge asset. Miller is a light-bodied, English-style lager that is crisp and clean with a slightly bitter finish. const ONE_TRUST_COOKIE_NAME = 'OptanonConsent'; AB InBev closed down less than 1 percent at 112.95 euros in Brussels. Save my name, email, and website in this browser for the next time I comment. [8] for (var i in mps.response.dart.adunits) { Both beers are very popular in their respective markets. Miller has been around for over a century, and Molson Coors continues to develop it for the modern marketplace. The debt burden from . [2] [3] It also pairs well with a variety of foods and snacks, making it a versatile choice for any occasion. AB InBev acquired SABMiller in October 2016, according to Forbes. CONTENT_SELECTION_AND_MEASUREMENT: 7, Budweiser and Miller also have many of the same style of beers. It is a Fortune 500 company that produces and markets beer, wine, and spirits. const COOKIE_REGEX = /groups=([^&]*)/; mps.cloneAd = function() { return false; } The Justice Department's antitrust officials have approved Anheuser-Busch InBev's $107 billion acquisition of competitor SABMiller. A video shared on Facebook shows a feminist advertisement for Miller Lite, claiming that the beer is a brand of Anheuser-Busch InBev (AB InBev), brewers of Bud Light. AB InBev has a 16 percent market share in China, selling its global Budweiser, Corona and Stella Artois as well as regional Double Deer, KK and Jinling. According to the Craft Beer Production industry, the industry is expected to grow by 5.7% between 2020 and 2022. Why not pop open a bottle of Miller and enjoy it with your favorite snacks? } 'cag[device]' : 'mobile-touch' , When it comes to choosing between Budweiser and Miller, it all comes down to personal preference. Sole ownership by Molson Coors On October 11, 2016, SABMiller sold its stake in MillerCoors for around US$12 billion after the company was acquired by Anheuser-Busch InBev, making Molson Coors the 100 percent owner of MillerCoors. Exploring The Craft Beer Scene In The Pacific Northwest: Where Is Badass Beer Made? Anheuser-Busch InBev: What The SABMiller Acquisition Could Mean - Forbes Hendersonville, NC 28792, Home Brewing During Prohibition: Defying The Governments Attempts To Control Alcohol Consumption, The Success Of MillerCoors: How Two American Brewing Companies Overcame Challenges To Become A Global Beer Powerhouse, Exploring The Different Types Of Fermentation Used To Create Beer, How Many Carbs Are In Busch Ice Beer? Belgium's Anheuser-Busch InBev, which owns Budweiser and is the worlds largest brewer, has won U.S. antitrust regulators' approvalfor its purchase of the No. Budweisers parent company AB InBev is attempting to buy SABMiller. Beer Who owns Miller beer now? Date.now() : (function() { return +new Date })(); In 2002, the Miller Brewing Company was purchased by South African Breweries (now called SABMiller). Well the acquisition finally got approved like a week ago. .filter(categoryPreference => !categoryPreference.includes('0_') && categoryPreference.includes(':0')) 87990cbe856818d5eddac44c7b1cdeb8, Continue reading your article witha WSJ subscription, Already a subscriber? With its bold flavor and crisp taste, Budweiser is the perfect choice for a summer BBQ or an evening with friends. The claim is fabricated. console.log('PUB-GDPR-CHECK oneTrustCookie matches: ', matches); Anheuser-Busch InBev is a multinational powerhouse in the beer industry with a deep and sustainable moat. the new company will boast annual sales of $55 billion, much larger presence in developing countries, challenged the value of the cash theyd receive in exchange for their shares. Miller Lite is not either of the brand lists on the websites for, AB InBev acquired SABMiller in October 2016, according to, . It is responsible for the production of a large portion of the worlds beer. Molson Coors (TAP) also rose 2.8% to $100.80. shows a feminist advertisement for Miller Lite, claiming that the beer is a brand of Anheuser-Busch InBev (AB InBev), brewers of Bud Light. Budweiser's parent company AB InBev is attempting to buy SABMiller. var s = document.createElement("script"), el = document.getElementsByTagName("script")[0]; Nov 11, 2015, 7:58 AM PST It has been on everyone's lips for months, but the merger between the Budweiser maker Anheuser-Busch InBev and Miller maker SABMiller is finally complete. The long-anticipated more than $100 billion merger between Anheuser-Busch InBev (AB InBev) and SABMiller closed early evening Monday, leaving Coors Brewing Co. the last of the former Big Three beer companies to stand apart from the other two. Budweiser and Anheuser-Busch InBev control the vast majority of the US beer market. const name = ONE_TRUST_COOKIE_NAME; AB InBev produces some of the worlds most popular beers, including Budweiser, Stella Artois, and Becks. The amount was misstated in an earlier version of this article. How Many Budweiser Clydesdales Are There? Basically, the Department of Justice and ABI negotiated some modifications to the consent decree to try, in theory, to tame the ever-expanding girth of ABI. Miller is widely available in the U.S. and is often used as a session beer. Nonetheless, consolidation comes as many beer drinkers in the United States and Europe shift their attention to craft breweries that are independent of global conglomerates. 'cag[type_tag]' : 'Mergers and acquisitions|Business|Food and drink' , Having successfully gotten U.S. approval, AB InBev's last hurdle is approval in China, where it has agreed to sellSABMillers stake in Chinas Snow Breweries to the state-backed China Resources Beer Co. for $1.6 billion. Although AB InBevs increased pricetag may have drawn SABMiller to the negotiating table, its agreement on a multi-billion dollar breakup fee in the event shareholders or regulators shoot down a deal may have been more important. .map(categoryPreference => parseInt(categoryPreference.split(':')[0], 10)); That means that rival brews like Budweiser and Miller Lite would be sold by the same company .
'; According to Mintel, craft beers account for 11 percent of total volume in the United States. Miller Lite beer is owned by Molson Coors Beverage Co, not Anheuser-Busch InBev. cEnd = document.cookie.length; Since then, AB InBev has been able to get SABMiller to the negotiating table after a series of unsolicited bids were rejected. Though the merged company will divest itself of many brands in order to comply with anti-trust laws, the deal brings AB InBev a much larger presence in developing countries and continents like China, South America and Africa, where SABMiller enjoys much stronger holdings and access to markets. Each brewery offers a variety of lagers, ales, stouts, and pilsners. Sales are reportedly slumping as its parent company has shed billions in market value in recent weeks. Sign up for free newsletters and get more CNBC delivered to your inbox. console.log('PUB-GDPR-CHECK'); Kirin, also from Japan, and Chinas China Resources Enterprises are also said to be among those eyeing the brands, which include the Czech Republics Pilsner Urquell. Budweiser's parent company AB InBev . The company began distributing those loans to other banks on Friday.Why Did Japan Attack Pearl Harbor According To Tojo,
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