Brewer rejects takeover move

SabMiller has rejected an informal takeover offer from Anheuser-Busch InBev of about £66.4bn (€59bn) that it considered too low, according to sources.

The initial proposal to the brewer of Peroni and Foster’s beer, made last week, was worth slightly over £40 a share, while its executives and some shareholders regard a deal at closer to £45 as representing a fair value, sources said.

A deal at £45 per share would value SabMiller at about £73bn, and would be the largest merger this year.