Carlton & United Breweries was formed in 1907 through the merger of six Victorian breweries, including Carlton Brewery (founded 1864). For decades it was a genuinely Australian-owned institution, becoming synonymous with Australian pub culture and sport sponsorship. Foster's Group acquired CUB, then SABMiller took over in 2011, followed by AB InBev's megamerger in 2016. In 2020, Asahi Group Holdings purchased CUB from AB InBev for approximately $16 billion AUD, making it Australia's largest-ever beer transaction. The brand has changed hands between three different multinational owners in under a decade while marketing campaigns remain stubbornly focused on Australian identity.
CUB marketing saturates itself with Australian iconography — the hard yakka, the backyard BBQ, the cricket. TV ads feature Aussie blokes and heritage imagery, yet you'd need to dig into investor relations pages to discover Asahi Group Holdings owns the lot. The disconnect between brand mythology and corporate reality is textbook camouflage.
Every VB stubbie purchased sends profits to Asahi Group Holdings headquarters in Tokyo. The $16 billion acquisition means significant debt servicing and dividend flows exit Australia permanently. Local jobs remain, but strategic decisions and ultimate profits serve Japanese shareholders.
Buying CUB products supports Japanese multinational expansion rather than Australian brewing independence. The consolidation has reduced genuine competition in the Australian beer market. Craft brewery alternatives keep profits circulating in local Australian economies.
For genuinely Australian-owned beer, try Coopers Brewery (family-owned since 1862, still SA-based), Stone & Wood (B-Corp certified, Byron Bay), or 4 Pines Brewing Company — wait, no, Asahi bought them too. Stick with Coopers or Balter Brewing (Australian-owned, Gold Coast).
