ANHEUSER-BUSCH TO REPURCHASE 20 MILLION SHARES

             ANHEUSER-BUSCH TO REPURCHASE 20 MILLION SHARES
    ST. LOUIS, June 24 /PRNewswire/ -- Anheuser-Busch Companies, Inc.

(NYSE: BUD) will repurchase 20 million shares, or approximately 7 percent of the company's outstanding common stock, through a program authorized today by the board of directors.

    "The continuation of the company's share repurchase program is an integral part of our strategy to fully utilize cash flow to enhance shareholder value," August A. Busch III, chairman of the board and president, said.  "While our first priority is investment in our core businesses to sustain operating profit growth, we recognize the important role of more direct returns to our shareholders via share repurchases and dividend increases.  We believe Anheuser-Busch stock continues to represent an attractive investment opportunity based on the company's leadership position within the brewing industry, and its favorable business outlook."
    A program to repurchase 15 million shares of the company's stock authorized by the board in June, 1988, is approximately 75 percent complete.  No timetable was set for completion of the newly approved repurchase program.  As agent for Anheuser-Busch, Dillon Read & Co., Inc., will purchase shares in open market or privately negotiated transactions in compliance with Securities and Exchange Commission guidelines.
            -0-         6/24/92
    /CONTACT:  James Morice or Paul Wagman, 314-982-1735, for Anheuser-Busch/
    (BUD) CO:  Anheuser-Busch Companies, Inc. ST:  Missouri IN:  FOD SU:

SB -- NY050 -- 3353 06/24/92 14:11 EDT