Shares in brewing giant SABMiller just exploded upwards after the company confirmed that rival drinks giant AB InBev is planning to buy the company.
Shares are up around 23% on the news. It’s the deal everyone in the drinks industry has been waiting for years to see and could be worth up to $US250 billion (£162 billion) according to the Financial Times.
SABMiller is the world’s second largest brewer by revenue and makes beers like Fosters, Peroni, Miller, and Grolsch. Earlier this year it bought London craft brewery Meantime.
AB InBev, meanwhile, is the world’s biggest brewery by revenue. It makes Budweiser, Corona, Stella Artois, and Becks, among many others.
The Board of SABMiller notes the recent press speculation and confirms that Anheuser-Busch InBev SA/NV (“ABInBev”) has informed SABMiller that it intends to make a proposal to acquire SABMiller. No proposal has yet been received and the Board of SABMiller has no further details about the terms of any such proposal.
Here are SABMiller shares on Wednesday:
And here is AB InBev in London trading:
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