One for the road

Belgian brewer InBev is planning to sell its Korean beer business, Oriental Brewery, sources said on Tuesday, allowing it raise up to $2 billion for its planned $52 billion for its takeover of Budweiser brewer Anheuser-Busch Cos. InBev, set to become the world’s largest brewer after the deal, has said it was considering the disposal of non-core assets.

With the credit crunch into its second year, we can expect to see private equity sidelined while it attempts to restore credibility, the rise of workout M&A as the weak economy pushes companies over the edge and a number bank failures, writes Steven Davidoff, a commentator for the New York Times’ DealBook. Davidoff also says we can also look forward to workouts or bailouts for Fannie Mae and Freddie Mac, and some “transformative transaction” for Lehman Brothers.

Other deals of the day:

** Nokia said Samsung Electronics has accepted its offer to buy out its stake in smartphone software company Symbian. In June, Nokia said it would buy out other shareholders in Symbian for about $410 million.

** Liberty Shipping, a drybulk operator based in Lake Success, N.Y., plans to buy International Shipholding Corp for about $308 million.