SABMiller Confirms Takeover Approach From AB InBev; Stock Climbs

(RTTNews) - Shares of SABMiller Plc. (SAB.L, SABMRY.PK) and Belgian brewer Anheuser-Busch InBev NV, known as AB InBev (BUD, AHBIF.PK) were gaining around 23 percent and 7 percent respectively, in the morning trade after the British brewer confirmed Wednesday a takeover approach from AB InBev.

Responding to press speculation, SABMiller confirmed that AB InBev has informed the company that it intends to make a proposal to acquire SABMiller. The company said no proposal has yet been received, and has no further details about the terms of any such proposal.

SABMiller said its Board will review and respond as appropriate to any proposal which might be made. The Board said, in the interim, the company's shareholders are strongly advised to retain their shares and to take no action.

There can be no certainty that an offer will be made or as to the terms on which any offer might be made, the firm said.

Accordingly, SABMiller announced that, by not later than October 14, ABInBev must either announce a firm intention to make an offer for SABMiller or announce that it does not intend to make an offer.

In London, SABMiller shares were trading at 3,720 pence, up 23.40 percent.

AB InBev shares were gaining 7.4 percent to trade at 101.45 euros.