The world’s biggest brewer Anheuser-Busch, is submitting a formal offer to Harbin Brewery Group shareholders to buy all stock it doesn’t already own in a transaction valued at HK$3.5 billion (€367.3m).

Brewing group Scottish & Newcastle today cleared a key hurdle in its drive to secure a foothold in the fast-growing Chinese beer market.

A late surge in oil prices dashed hopes of a positive start to the trading week in London.