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Brewing giant AB InBev to make a bid for SABMiller Brewing giant AB InBev in SABMiller takeover approach
(35 minutes later)
The world's largest brewer, Anheuser-Busch InBev, is set to make a takeover offer for rival SABMiller. The prospect of a tie-up between the world's two largest brewers is looming after Anheuser-Busch InBev said it had made a takeover move for SABMiller.
SABMiller said it had been informed that AB InBev was planning to make a bid, but that it had no details as yet. AB InBev said it had approached SABMiller's board about a "combination of the two companies".
"No proposal has yet been received and the board of SABMiller has no further details about the terms of any such proposal," the firm said. However, it added that there was no certainty the approach would lead to an offer or an agreement.
AB InBev's brands include Budweiser, Stella Artois and Corona, while SABMiller owns Peroni and Grolsch.AB InBev's brands include Budweiser, Stella Artois and Corona, while SABMiller owns Peroni and Grolsch.
Shares in SABMiller jumped more than 18% on the news. Earlier, SABMiller said it had been informed that AB InBev was planning to make a bid, but that it had no details as yet.
"No proposal has yet been received and the board of SABMiller has no further details about the terms of any such proposal," the firm said.
Shares in SABMiller jumped more than 20% on the news, while AB InBev's shares were 11% higher.