Belfast Telegraph

Final deadline extended by a week in £68bn beer deal

By Roger Baird

The world's two largest beer giants have secured a week's extension to agree their £68bn mega-merger after SABMiller accepted a sweetened offer from rival and Budweiser maker Anheuser-Busch InBev.

Belgium-based AB InBev said in an update it had completed a key phase of its due diligence, but needed more time for discussions to conclude what would be the largest takeover of a British firm in corporate history.

The UK Takeover Panel has extended the time allowed for AB InBev to make a formal offer for SABMiller to 5pm on November 4.

It is the second extension the companies have sought after the original deadline of October 14 was extended to October 28.

The key elements of AB InBev's £44-a-share proposal remain unchanged for a merger which would create a global beer giant worth more than £180bn, adding SABMiller's beer brands to AB InBev's 200-strong stable.

Belfast Telegraph