Corona heiress is on edge about her $12.5 billion beer fortune
'This is not a small family office – it's a small investment management firm,' said Christina Wing, co-founder of Wingspan Legacy Partners, which advises ultra-wealthy families. 'If the people she hired match her strategy, it's a perfect set-up.'
Aramburuzabala declined to comment for this story, as did her son Pablo. Santiago didn't respond to a request for comment.
Aramburuzabala was thrust into the spotlight when her father, Pablo, died of cancer in 1995 at age 63. With no son as his heir-apparent, his death left a leadership vacuum in a business culture traditionally dominated by men.
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'The world caved in on us,' she told The New York Times in a 2002 interview. 'Friends, enemies, boyfriends – everyone wanted control. Less than a month after my father died, we had people coming to tell us that he had left them in charge, and that they were going to manage things for us.'
At issue was the family's stake in Grupo Modelo, the Mexico City-based brewer that Aramburuzabala's grandfather co-founded in 1925. It grew quickly, acquiring Mexican competitors while rolling out new brands. In 1979, it introduced Corona to the US market for the first time, where it eventually became the top-selling imported beer.
Budweiser maker Anheuser-Busch began to buy shares of Grupo Modelo in the early 1990s, eventually acquiring about half of the Mexican brewer. Quickly proving herself an adept negotiator, Aramburuzabala helped lead talks to sell the noncontrolling stake. She became vice chair of Grupo Modelo in 1996, the same year she founded Tresalia.
After Belgian brewing giant InBev acquired Anheuser-Busch, the combined behemoth bought the remaining 50 per cent of Grupo Modelo in 2013, paying some $US20 billion. Aramburuzabala helped convince other shareholders to approve the deal after Anheuser-Busch InBev upped its offer price.
While the exact stake the Aramburuzabala family held at the time isn't clear, it was among three major groups of shareholders to profit from the windfall. Maria Asuncion Aramburuzabala used part of the proceeds to buy AB InBev shares and joined the company's board along with Valentin Diez Morodo, another descendant of a Grupo Modelo co-founder.
'I don't want to be that typical leader that did everything and then at some point there's a hole and it goes sideways.'
Maria Asuncion Aramburuzabala
Overall, the Aramburuzabala family pocketed at least $US3 billion through Grupo Modelo stake sales, according to Bloomberg's wealth index.
Three allies
Aramburuzabala, who has an accounting degree from the Autonomous Technological Institute of Mexico, is among a growing population of ultra-wealthy women who've established their own family offices, though few set them up as long ago as the beer heiress.
Tresalia – a portmanteau of Tres Aliadas, or Three Allies, for Aramburuzabala's sister, mother and herself – has over the years invested in and exited businesses like Mexican media company Grupo Televisa, fashion brand Tory Burch and data centre operator Kio Networks.
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It has also stayed close to the fortune's origins in the consumer space, allocating to consumer-goods giant Kraft Heinz and riding the multibillion-dollar coffee bet of JAB Holding alongside other billionaire shareholders of AB InBev such as Alejandro Santo Domingo, the head of Colombia's richest family.
Aramburuzabala stepped down as a director of AB InBev in 2023 after serving a decade on the company's board. She also resigned as a director of beauty company Coty earlier this year, leaving her without any board roles at listed companies.
She's now spending more time on her hobbies such as travel and animal photography. Her passions also include deep-sea diving, an interest she has passed on to her sons, who both describe themselves as ocean explorers.
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Perth Now
5 hours ago
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The Advertiser
10 hours ago
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Fears FIFO work will turn gold towns into ghost towns
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Mr Heeks, who spent 16 years working and living in the WA Goldfields hub, has been disheartened watching it be "destroyed by FIFO". He doesn't want to see the NSW Northern Tablelands town of Armidale - 23km west of Hillgrove - suffer the same fate. Larvotto Resources has fired the starter's gun on the development of a $140 million antimony mine at Hillgrove, with production to begin next year. "You drive through Kalgoorlie now and, you know, the bottom half of Hannan Street, every second shop - or nearly all of them - are shut. It's very, very sad," the Larvotto managing director tells AAP. "I think the industry as a whole does not do a particularly good job of putting back." Despite the huge boon miners have pocketed in recent years, with soaring gold prices delivering billions in windfall revenues, the permanent residents of Kalgoorlie feel little benefit has flowed their way. The town's resident population has declined by about a tenth over the past decade to just under 30,000, but housing is scarce, with much of it taken up to accommodate FIFO workers. A recent application by goldminer Northern Star, which owns the mammoth open-cut mine that looms over the town, to build an 800-bed workers camp for staff working on a mill upgrade was met with concerted local opposition. The project was approved by council in a three-two vote, despite 144 out of 148 submissions by members of the public opposed to the application. The vast majority were concerned FIFO accommodation resulted in a lack of connection and contribution to the local community. The workers would not support local businesses, they feared. "Get people to come and live here instead of FIFO. Get the population up, instead of down, otherwise Kalgoorlie will be a ghost town. Is that what we really want?" one submission asked. The assessing officer noted Northern Star had proposed operating a daily shuttle bus transporting workers to and from the local shops to improve social and economic connections to the town. "Our priority is always around residential workforce," Northern Star chief executive Stuart Tonkin told reporters during a visit to the Kalgoorlie Super Pit site. But the reality was the resident workforce could not support construction and other short-term jobs on its own, he said. "We are filling up local facilities and hotels and utilising local places, as well as those temporary camps." Local businessman Murray Leahy fought tooth and nail to avoid using FIFO workers for his Kalgoorlie-based mining services company MLG OZ. But as the business took off, he hit a crossroads: bring in employees from out of town or stop growing. "We started putting people in houses, and we established a structure whereby we'd fly you in and out for six months and if you wanted to transition your family in, we would pay for you and your family to move to Kalgoorlie," he said. "We would provide a house for you free of charge for six months and after that you could salary sacrifice it, so we were transitioning people from being flyers into being residents. "Then we ran out of houses to do that with and the market became so strained that we had to stop that program." Mr Leahy said ideally all the company's 450-odd workforce would be full-time residents, but he was still relying on 200 or so FIFO workers. There was a desire among workers to join the community. About 14 of MLG's FIFO employees were looking to move their families to live in Kalgoorlie residentially but simply could not find a house, he said. "Fundamentally, the issue that the Goldfields community has stems purely from the fact that we have had very poor state and local government planning over a long period of time," Mr Leahy said. The state has been "immensely slow" in releasing land to alleviate the situation, while provision of water and power to enable development has also been lagging. The current council was working hard to try and rectify the issues, "but they are dealing with a 15-year legacy here of poor planning and poor management". "To effectively make the change that's needed, it's 100 per cent reliant upon our state releasing land and key services to be able to drive development." The government was investing significantly in the Goldfields region, said WA Mining Minister David Michael. The WA budget included $16.8 million in funding to boost development-ready land in Kalgoorlie. Planning was also underway to redevelop Kalgoorlie Health Campus, the state developer was selling houses at its Karlkurla estate project for as low as $205,000 and a new $150 million vanadium flow battery was being installed to secure Kalgoorlie's energy supply, "Government agencies are also working together, and with industry, to ensure there is sufficient land for housing across our state," Mr Michael said. "Land and housing development in the regions is constrained by contractor availability, infrastructure capacity and upgrade timing constraints, native title and higher development costs." Ballard Mining chairman Simon Lill said he would like to see the government provide more tax incentives for living in Kalgoorlie long term. "I would love to, and I think Northern Star would love to, see more people in Kalgoorlie. And Lynus would love to see more people in Kalgoorlie. But in the current FIFO world, I'm not sure I can see that happening," he said. "Can they make life in Kalgoorlie tax-free for a period or no stamp duty on houses or something like that? "It is sad to walk down the main street and see so many of the shops boarded up." Mr Leahy also called for a more generous regional zone tax offset to incentivise people to live there permanently. Kalgoorlie residents can currently claim $57 off their tax through the scheme. Mr Michael said Kalgoorlie residents could already access generous stamp duty concessions, which the government expanded in the recent budget, and complemented other incentives like low-deposit loans for modular homes. As mining executive Ron Heeks spruiks a major project to investors, he makes a pointed effort to highlight an attribute unrelated to the massive returns it will bring. "Importantly, it's not a FIFO (fly-in, fly-out) operation," he tells the mining industry's annual Diggers and Dealers gabfest in Kalgoorlie. Mr Heeks, who spent 16 years working and living in the WA Goldfields hub, has been disheartened watching it be "destroyed by FIFO". He doesn't want to see the NSW Northern Tablelands town of Armidale - 23km west of Hillgrove - suffer the same fate. Larvotto Resources has fired the starter's gun on the development of a $140 million antimony mine at Hillgrove, with production to begin next year. "You drive through Kalgoorlie now and, you know, the bottom half of Hannan Street, every second shop - or nearly all of them - are shut. It's very, very sad," the Larvotto managing director tells AAP. "I think the industry as a whole does not do a particularly good job of putting back." Despite the huge boon miners have pocketed in recent years, with soaring gold prices delivering billions in windfall revenues, the permanent residents of Kalgoorlie feel little benefit has flowed their way. The town's resident population has declined by about a tenth over the past decade to just under 30,000, but housing is scarce, with much of it taken up to accommodate FIFO workers. A recent application by goldminer Northern Star, which owns the mammoth open-cut mine that looms over the town, to build an 800-bed workers camp for staff working on a mill upgrade was met with concerted local opposition. The project was approved by council in a three-two vote, despite 144 out of 148 submissions by members of the public opposed to the application. The vast majority were concerned FIFO accommodation resulted in a lack of connection and contribution to the local community. The workers would not support local businesses, they feared. "Get people to come and live here instead of FIFO. Get the population up, instead of down, otherwise Kalgoorlie will be a ghost town. Is that what we really want?" one submission asked. The assessing officer noted Northern Star had proposed operating a daily shuttle bus transporting workers to and from the local shops to improve social and economic connections to the town. "Our priority is always around residential workforce," Northern Star chief executive Stuart Tonkin told reporters during a visit to the Kalgoorlie Super Pit site. But the reality was the resident workforce could not support construction and other short-term jobs on its own, he said. "We are filling up local facilities and hotels and utilising local places, as well as those temporary camps." Local businessman Murray Leahy fought tooth and nail to avoid using FIFO workers for his Kalgoorlie-based mining services company MLG OZ. But as the business took off, he hit a crossroads: bring in employees from out of town or stop growing. "We started putting people in houses, and we established a structure whereby we'd fly you in and out for six months and if you wanted to transition your family in, we would pay for you and your family to move to Kalgoorlie," he said. "We would provide a house for you free of charge for six months and after that you could salary sacrifice it, so we were transitioning people from being flyers into being residents. "Then we ran out of houses to do that with and the market became so strained that we had to stop that program." Mr Leahy said ideally all the company's 450-odd workforce would be full-time residents, but he was still relying on 200 or so FIFO workers. There was a desire among workers to join the community. About 14 of MLG's FIFO employees were looking to move their families to live in Kalgoorlie residentially but simply could not find a house, he said. "Fundamentally, the issue that the Goldfields community has stems purely from the fact that we have had very poor state and local government planning over a long period of time," Mr Leahy said. The state has been "immensely slow" in releasing land to alleviate the situation, while provision of water and power to enable development has also been lagging. The current council was working hard to try and rectify the issues, "but they are dealing with a 15-year legacy here of poor planning and poor management". "To effectively make the change that's needed, it's 100 per cent reliant upon our state releasing land and key services to be able to drive development." The government was investing significantly in the Goldfields region, said WA Mining Minister David Michael. The WA budget included $16.8 million in funding to boost development-ready land in Kalgoorlie. Planning was also underway to redevelop Kalgoorlie Health Campus, the state developer was selling houses at its Karlkurla estate project for as low as $205,000 and a new $150 million vanadium flow battery was being installed to secure Kalgoorlie's energy supply, "Government agencies are also working together, and with industry, to ensure there is sufficient land for housing across our state," Mr Michael said. "Land and housing development in the regions is constrained by contractor availability, infrastructure capacity and upgrade timing constraints, native title and higher development costs." Ballard Mining chairman Simon Lill said he would like to see the government provide more tax incentives for living in Kalgoorlie long term. "I would love to, and I think Northern Star would love to, see more people in Kalgoorlie. And Lynus would love to see more people in Kalgoorlie. But in the current FIFO world, I'm not sure I can see that happening," he said. "Can they make life in Kalgoorlie tax-free for a period or no stamp duty on houses or something like that? "It is sad to walk down the main street and see so many of the shops boarded up." Mr Leahy also called for a more generous regional zone tax offset to incentivise people to live there permanently. Kalgoorlie residents can currently claim $57 off their tax through the scheme. Mr Michael said Kalgoorlie residents could already access generous stamp duty concessions, which the government expanded in the recent budget, and complemented other incentives like low-deposit loans for modular homes. As mining executive Ron Heeks spruiks a major project to investors, he makes a pointed effort to highlight an attribute unrelated to the massive returns it will bring. "Importantly, it's not a FIFO (fly-in, fly-out) operation," he tells the mining industry's annual Diggers and Dealers gabfest in Kalgoorlie. Mr Heeks, who spent 16 years working and living in the WA Goldfields hub, has been disheartened watching it be "destroyed by FIFO". He doesn't want to see the NSW Northern Tablelands town of Armidale - 23km west of Hillgrove - suffer the same fate. Larvotto Resources has fired the starter's gun on the development of a $140 million antimony mine at Hillgrove, with production to begin next year. "You drive through Kalgoorlie now and, you know, the bottom half of Hannan Street, every second shop - or nearly all of them - are shut. It's very, very sad," the Larvotto managing director tells AAP. "I think the industry as a whole does not do a particularly good job of putting back." Despite the huge boon miners have pocketed in recent years, with soaring gold prices delivering billions in windfall revenues, the permanent residents of Kalgoorlie feel little benefit has flowed their way. The town's resident population has declined by about a tenth over the past decade to just under 30,000, but housing is scarce, with much of it taken up to accommodate FIFO workers. A recent application by goldminer Northern Star, which owns the mammoth open-cut mine that looms over the town, to build an 800-bed workers camp for staff working on a mill upgrade was met with concerted local opposition. The project was approved by council in a three-two vote, despite 144 out of 148 submissions by members of the public opposed to the application. The vast majority were concerned FIFO accommodation resulted in a lack of connection and contribution to the local community. The workers would not support local businesses, they feared. "Get people to come and live here instead of FIFO. Get the population up, instead of down, otherwise Kalgoorlie will be a ghost town. Is that what we really want?" one submission asked. The assessing officer noted Northern Star had proposed operating a daily shuttle bus transporting workers to and from the local shops to improve social and economic connections to the town. "Our priority is always around residential workforce," Northern Star chief executive Stuart Tonkin told reporters during a visit to the Kalgoorlie Super Pit site. But the reality was the resident workforce could not support construction and other short-term jobs on its own, he said. "We are filling up local facilities and hotels and utilising local places, as well as those temporary camps." Local businessman Murray Leahy fought tooth and nail to avoid using FIFO workers for his Kalgoorlie-based mining services company MLG OZ. But as the business took off, he hit a crossroads: bring in employees from out of town or stop growing. "We started putting people in houses, and we established a structure whereby we'd fly you in and out for six months and if you wanted to transition your family in, we would pay for you and your family to move to Kalgoorlie," he said. "We would provide a house for you free of charge for six months and after that you could salary sacrifice it, so we were transitioning people from being flyers into being residents. "Then we ran out of houses to do that with and the market became so strained that we had to stop that program." Mr Leahy said ideally all the company's 450-odd workforce would be full-time residents, but he was still relying on 200 or so FIFO workers. There was a desire among workers to join the community. About 14 of MLG's FIFO employees were looking to move their families to live in Kalgoorlie residentially but simply could not find a house, he said. "Fundamentally, the issue that the Goldfields community has stems purely from the fact that we have had very poor state and local government planning over a long period of time," Mr Leahy said. The state has been "immensely slow" in releasing land to alleviate the situation, while provision of water and power to enable development has also been lagging. The current council was working hard to try and rectify the issues, "but they are dealing with a 15-year legacy here of poor planning and poor management". "To effectively make the change that's needed, it's 100 per cent reliant upon our state releasing land and key services to be able to drive development." The government was investing significantly in the Goldfields region, said WA Mining Minister David Michael. The WA budget included $16.8 million in funding to boost development-ready land in Kalgoorlie. Planning was also underway to redevelop Kalgoorlie Health Campus, the state developer was selling houses at its Karlkurla estate project for as low as $205,000 and a new $150 million vanadium flow battery was being installed to secure Kalgoorlie's energy supply, "Government agencies are also working together, and with industry, to ensure there is sufficient land for housing across our state," Mr Michael said. "Land and housing development in the regions is constrained by contractor availability, infrastructure capacity and upgrade timing constraints, native title and higher development costs." Ballard Mining chairman Simon Lill said he would like to see the government provide more tax incentives for living in Kalgoorlie long term. "I would love to, and I think Northern Star would love to, see more people in Kalgoorlie. And Lynus would love to see more people in Kalgoorlie. But in the current FIFO world, I'm not sure I can see that happening," he said. "Can they make life in Kalgoorlie tax-free for a period or no stamp duty on houses or something like that? "It is sad to walk down the main street and see so many of the shops boarded up." Mr Leahy also called for a more generous regional zone tax offset to incentivise people to live there permanently. Kalgoorlie residents can currently claim $57 off their tax through the scheme. Mr Michael said Kalgoorlie residents could already access generous stamp duty concessions, which the government expanded in the recent budget, and complemented other incentives like low-deposit loans for modular homes.
AU Financial Review
11 hours ago
- AU Financial Review
This markets veteran worries AI is pushing us to breaking point
Matt King has had a long and distinguished career at Citi trying to make sense of global credit markets for the bank's clients. He was among the highest profile analysts in an asset class that only tends to grab the headlines when markets are melting down. The London-based King has since left the bank and set up his own research firm: Satori Insights. He remains a keen observer of markets, and the hidden forces that power them. But in the last month, he has turned his mind to something a little different, preparing a detailed presentation for his new clients that questioned a trait that equity investors lust over: scalability.
