Beer giant SABMiller turned up the heat in its takeover battle with rival Anheuser-Busch InBev as it said a sweetened bid from the Budweiser brewer "substantially undervalues" the business.

The world's largest brewer, Anheuser-Busch InBev, today said its net profit in the fourth quarter nearly doubled compared to the same period a year earlier thanks to strong global growth of its Budweiser and Stella Artois brands.

Scotland's best-selling lager, Tennent's, was today snapped up by C&C in a deal worth £180m (€204.4m).

Interbrew has agreed to buy the Munich-based brewers of Germany's Lowenbrau brand in a deal worth €464m.