SABMiller and AB InBev agree takeover deal
Beer giants SABMiller and AB Inbev are set to merge after the former accepted a takeover offer from InBev worth £44 a share.
The increased offer in a deal worth approximately £70b will see AB Inbev's brands Budweiser, Stella Artois and Corona coming together with those of SABMiller including Peroni and Grolsch.
According to the BBC, SABMiller has a workforce of close to 70,000 people in more than 80 countries, and global annual sales of more than $26b. AB InBev has a workforce of 155,000 and global revenues of more than $47b.
The two companies have not yet formally finalised the deal, but the latest development means they have extended the City deadline for a firm offer until 28 October.
SABMiller, founded in Johannesburg in 1895, makes about 28% of its revenue in Africa.
Matthew Davies, a BBC business reporter in Johannesburg, commented: "As it stands, and if this deal goes through, it would mean that the merged entity would control 31% of global beer sales."
Carlos Brito, the chief executive of AB InBev, has said that Africa is a "key piece" of the deal.
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