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Shareholders back $A134b SABMiller merger

Press AssociationPress Association 28/09/2016

SABMiller shareholders have backed a STG79 billion ($A134 billion) takeover by Anheuser-Busch InBev, paving the way for the biggest deal in UK corporate history.

AB InBev, the brewer of Budweiser and Stella Artois, is already the world's top beer-maker and the SABMiller acquisition is in line to be the third largest merger in history.

"AB InBev shareholders expressed their support for the combination by passing all resolutions that were proposed in connection with the combination," a short statement from the Belgium-based brewer said.

SABMiller said its shareholders approved the deal despite opposition from investors who saw their share of the payout shrink after pound plunged following Britain's vote to the leave the European Union. AB InBev shareholders also backed the transaction.

Regulators around the world have already approved the deal, which AB InBev says will create "the first truly global brewer."

Acquiring SABMiller, which traces its roots to the former South African Breweries, gives AB InBev a large presence in Africa while increasing its business in South America and Europe. The combined company will control almost a third of the global beer market.

The record-breaking deal - dubbed "megabrew" - will be completed on October 10.

A British court must still approve the measure next week, but the hearing is largely considered uncontentious.

Carlos Brito, chief executive of AB InBev, who will also lead the merged group, said the deal will combine the two firms' "teams, strong heritage and passion for brewing".

"We are committed to driving long-term growth and creating value for all our stakeholders," he added.

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