SABMiller board backs AB InBev offer after China gives deal final clearance

29th Jul 2016 13:52

(ShareCast News) - Belgian brewer Anheuser-Busch InBev's improved takeover offer of SABMiller has been back by the FTSE 100 company's board after it was given clearance by China's Ministry of Commerce.Later on Friday, director said they were unanimously recommending the 4,500p-a-share offer from AB-Inbev, despite several major shareholder having raised objections.SABMiller will also propose that its two biggest shareholders, Altria Group and Bevco, be treated as a separate class of shareholders and therefore allow other SABMiller investors to vote on the new offer separately, the company said in a statement.Chinese approval follows SABMiller's agreement back in March to sell its 49% stake in Chinese beer Snow to China Resources Beer Co."Following previously announced clearances in the EU, South Africa and the United States, all of the pre-conditions to the proposed combination have now been satisfied," SAB said on Friday morning.Earlier this week, AB InBev sweetened its offer for SAB to 4,500p a share from 4,400p a share, to account for sterling's weakness against the US dollar following the UK's decision to leave the European Union.Still, major shareholders Aberdeen Asset Management said the offer remained "unacceptable" due to the partial share alternative being offered to Altria and Bevco.At 1400 BST, SABMiller shares were up 1.8% to 4,403p.