SABMiller shareholders back AB InBev takeover

Shareholders of brewing giant Anheuser-Busch InBev on Wednesday approved the blockbuster takeover of rival SABMiller, clearing a hurdle towards creating the biggest beer company in the world. AB InBev, the brewer of Budweiser and Stella Artois, is already the world's top beer-maker and the SABMiller acquisition for $103 billion is in line to be the fourth largest merger in history. "AB InBev shareholders expressed their support for the combination by passing all resolutions that were proposed in connection with the combination," a short statement from the Belgium-based brewer said. A similar vote by SABMiller shareholders, in which the outcome is more uncertain, is expected later on Wednesday in London. SABMiller's biggest shareholders had split on the deal in July, throwing doubt on the success of the takeover. But early indications were that the deal would go forward, Bloomberg reported on Tuesday. Most SABMiller investors voting by proxy supported the takeover in advance of Wednesday’s shareholder meeting, the news agency said. AB InBev in July raised its offer for SABMiller to £45 a share, after sterling slumped following Britain’s Brexit vote to leave the EU. The new offer values the London-headquartered SABMiller at about £79 billion. Marlboro cigarette-maker Altria and Colombia's tycoon Santo Domingo family favoured the deal while the powerful Aberdeen Asset Management said it was against the combination. AB InBev agreed in November last year to buy SABMiller whose brands at the time included Foster's and Coors. The deal is expected to boost AB InBev's prospects in developing markets in Africa and China, where a SABMiller joint venture produces Snow -- the world's best selling beer by volume. To win that approval, AB InBev has agreed to a long series of concessions, including the sale of SABMiller's Peroni, Grolsch and Meantime brands to Japanese rival Asahi. The EU demanded the brewer also divest SABMiller's business in the Czech Republic, Hungary, Poland, Romania and Slovakia. AB InBev has already indicated that it will cut around 5,500 jobs after it completes the takeover, slashing about three percent of its enlarged staff over three years following the tie-up. SABMiller employs about 70,000 employees in more than 80 countries, while AB InBev has about 150,000 staff in 26 countries, according to company figures. If successful, the companies will be officially combined on October 10.