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SABMiller and AB InBev investors back £79bn mega-merger

Acquiring SABMiller which traces its roots to the former South African Breweries gives AB In Bev a large presence in Africa while increasing its business in South America and Europe

Shareholders of SABMiller and Anheuser-Busch InBev on Wednesday approved a deal valued at more than $100 billion to create a giant in the beer industry that would control some of the world's best-known brands, including Budweiser, Corona, Hoegaarden, Leffe and Stella Artois.

AB InBev's 79 billion pound ($102.85 billion) bid passed in a meeting at a London Park Lane hotel lasting less than half an hour, overseen by Chairman Jan du Plessis, who fielded only two questions from shareholders.

SABMiller investors have this morning given the green light to AB InBev's £79bn Megabrew merger.

The announcement came hours after AB InBev investors also backed the fourth largest merger in global corporate history that tops a decade of consolidation in the world's beer sector.

- The combined group will control nearly a third of the global beer market, with AB InBev selling one in four beers worldwide.

Cigarette maker Altria Group and the Santo Domingo family of Columbia, which together control 40% of shares at SABMiller, were excluded from the vote, following a United Kingdom court order last month, but had previously shown their support for the deal.

Carlos Brito said in a conference call that the name will remain AB Inbev and the name SAB Miller would go away.

Following the merger, AB InBev will become the fifth biggest consumer product companies in the world by revenue, bigger than Coca Cola, and will dominate the global beer market. A minimum approval rate of 75 per cent was needed.

A British court must still approve the measure next week, but the hearing is largely considered uncontentious, the news outlet added. The takeover will complete on October 10.

"We take seriously our responsibilities as stewards of our clients' capital and will continue to flag governance issues when appropriate with the companies we invest in", it said.

The companies have spent the better part of the past year selling assets and assuring regulators across the world and in the United States that the deal won't create a lack of competition for consumers.

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SABMiller and AB InBev investors back £79bn mega-merger