Breaking news: AB InBev to buy SABMiller for R1.4 trillion
Anheuser-Busch (AB) InBev has agreed to purchase SABMiller for a staggering R1.4 trillion (£68 billion). This follows two weeks of negotiations, during which time SABMiller repeatedly rejected AB InBev's offers.
AB InBev has until 5pm on Wednesday 14 October to formalise the agreement, according to UK takeover law. However, the companies will be seeking a two-week extension on this, until 5pm on 28 October.
Should it fail to obtain approval from regulators and shareholders for the purchase, AB InBev will be liable for a $3-billion fee.