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SABMiller sales boosted by Latin America and Africa SABMiller shares hit by bid rejection reports
(about 4 hours later)
Brewing firm SABMiller, which is a bid target for rival Anheuser-Busch InBev, has reported a 2% rise in sales volumes for the three months to September. Brewer SABMiller's shares have fallen after reports that it is likely to reject an offer from rival Anheuser-Busch InBev.
Under takeover rules, AB InBev has until 14 October to make a firm offer.
The New York Post is reporting that SAB's management is "leaning towards fighting" the expected offer.
Its shares fell 2.9% in London, but that is a small proportion of the amount they have risen since AB InBev's interest was revealed on 16 September.
SABMiller is still trading more that 20% above its level before that announcement.
If a deal goes through, the merged company would produce one-third of the world's beer.
SABMiller makes Peroni and Grolsch, while AB InBev produces Budweiser and Stella Artois.
Also on Tuesday, as a result of the expected offer, the company brought forward its six-month trading statement, reporting a 2% rise in sales volumes for the three months to September.
Growth in Latin American and African drinks volumes offset declines in North America and the Asia Pacific region.Growth in Latin American and African drinks volumes offset declines in North America and the Asia Pacific region.
But reported revenues fell by 9% due to the depreciation of emerging market currencies against the US dollar. But reported revenues fell by 9% because of the depreciation of emerging market currencies against the US dollar.
SABMiller, which makes Peroni and Grolsch, brought forward its update because of the takeover interest.
Shares in SABMiller fell more than 2% in early trading.
The company is currently in an "offer period" as defined by the UK Takeover Code, after the world's largest brewer, Anheuser-Busch InBev, approached SABMiller in September about a possible takeover.
If a deal goes through, the merged company would produce one third of the world's beer.