Business

AB InBev-SAB Miller deal approved by shareholders

Miller Lite and Budweiser beer bottles Image copyright Getty Images

Budweiser owner Anheuser-Busch InBev's £79bn takeover of rival SAB Miller is set to go ahead after the shareholders of both firms approved the mega-deal.

The deal is expected to be completed on 10 October and will create the world's largest beer firm.

Global regulators have already approved the deal, which AB InBev says will create "the first truly global brewer".

The enlarged group - which will produce almost a third of the world's beer - will take the AB InBev name.

The deal was agreed last year, but in July AB InBev was forced to raise its offer following a fall in the pound in the wake of the Brexit vote. AB InBev increased its offer by £1 a share to £45 a share.

Brand sales

AB InBev chief executive Carlos Brito said: "We are committed to driving long-term growth and creating value for all our stakeholders."

SABMiller counts Peroni, Pilsner Urquell, and Grolsch among its stable of brands, while AB InBev produces Budweiser, Stella Artois, Corona, and Beck's.

However, to get the deal past regulators, AB InBev has already agreed to sell SABMiller's Peroni, Grolsch and Meantime brands to Tokyo-based drinks company Asahi.

The takeover is expected to boost AB InBev's prospects in developing markets in Africa and China, where a SABMiller joint venture produces Snow, the world's best selling beer by volume.

'Misconduct'

Hours after shareholders backed the deal, the US Securities and Exchange Commission announced AB InBev agreed to pay $6m (£4.6m) to settle an unrelated investigation.

The SEC found the brewer used promoters to make improper payments to government officials in India and sought to stop a whistleblower from talking to the SEC.

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