SABMiller shareholders approve 'megabrew' takeover deal by Budweiser brewer

SABMiller shareholders approve 'megabrew' takeover deal by Budweiser brewer

Shareholders of beer giant SABMiller have given the green light to the firm's £79bn (€91bn) takeover by Budweiser brewer Anheuser-Busch InBev, paving the way for the biggest deal in UK corporate history.

SABMiller said investors backed AB InBev's £45-a-share (€52) offer, which was upped from £44-a-share (€51) in July following the collapse in the value of the pound after the Brexit vote.

The record-breaking deal - dubbed "megabrew" - is now set to complete on October 10, creating a brewing giant with a raft of some of the world's biggest beer brands.

SABMiller said 95.5% of minority investors approved the deal.

AB InBev needed at least 75% to clinch the takeover.

The two largest shareholders in SABMiller - cigarette maker Altria Group and the wealthy Santo Domingo family of Colombia, which together control around 40% of shares - were excluded from the vote, but had already pledged their support for the deal.

Investors in Belgium-based AB InBev also approved the takeover at a meeting in Brussels earlier on Wednesday.

AB InBev said it welcomed the shareholder backing.

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.

AB InBev also confirmed the combined group will be called AB InBev after the merger.

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