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| SABMiller shares hit by bid rejection reports | |
| (about 4 hours later) | |
| 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% because of the depreciation of emerging market currencies against the US dollar. | |