Shareholders approve "biggest takeover in UK history"
The pending deal to merge mega brewers AB InBev and AB Miller has been given the green light by each company's shareholders.
The deal, worth £79 billion, is expected to be completed on October 10, creating the world's largest beer firm.
The deal was agreed last year, but in July, Budweiser owner AB InBev was forced to raise its offer following a fall in the pound in the wake of the Brexit vote.
AB InBev increased its offer by £1 a share to £45 a share.
SAB Miller, which has its headquarters in London, counts some of the biggest drink brands on its books including Snow, the world's best-selling beer by volume.
The enlarged group will take the name AB InBev.
"The sheer scale and global reach that SAB currently holds was considered highly attractive in InBev's quest to penetrate fast developing markets in South America, Africa and China and, eventually, to achieve global dominance," Simon Cope-Thompson, partner at Livingstone, which is overseeing the merger, said.
"The competition between these former rivals will remain unaffected in individual markets, as the two companies have very little geographic overlap. However, many of SAB's brands will be snatched up by other global players, which could dilute the competition that it posed in some markets. In this respect, InBev has truly positioned itself to divide and conquer the industry."
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