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SABMiller rejects latest AB InBev bid in big beer battle

SABMiller rejects latest AB InBev bid in big beer battle
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The battle of the brewers between the world’s two biggest beer producers has taken another twist.

SABMiller – owners of Peroni – has rejected the latest takeover bid from Anheuser-Busch InBev – which makes Budweister and Stella Artois – saying the move is opportunistic and substantially undervaluing the company.

The Belgian-Brazilian group, the world’s largest brewer, had launched a third bid for its rival after giving an indication of its intentions last month, raising its cash offer to 104 billion dollars and adding a partial share alternative.

AB InBev says it expects most SABMiller shareholders to accept the proposals, and the largest – tobacco group Altria – has said it backs the bid.

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