Megabrew: AB InBev and SABMiller expect to seal the deal in October

 
Francesca Washtell
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Cheers: Megabrew just inched a step closer (Source: Getty)

Anheuser-Busch InBev's £79bn takeover of SABMiller is expected to complete on 10 October, the companies said in a statement today.

The brewers unveiled the agreed, expected timetable for the merger following the satisfaction of the pre-conditions, which were completed on 29 July after getting the all-clear from Chinese authorities.

It is the first time a closing date has been given for the deal. Until now, the companies have simply said they expect the deal to complete in the second half of 2016.

Among the dates in the new schedule, the firms expect to publish merger terms on 2 August, to open and close AB InBev's offer for SABMiller on 7 October, for the merger to be effective and combination to complete on 10 October and for a new listing of the combined group to be launched on 11 October.

Read more: EU antitrust regulators wave through megabrew

The newly-merged company will be listed on Euronext Brussels and will have secondary listings on the Johannesburg Stock Exchange, Mexico Stock Exchange and the ADSs arm of the New York Stock Exchange.

Once completed, the merger will be the largest takeover of a company in British corporate history.

The timetable announcement marks a renewed, optimistic approach to the tie-up.

Last week, the deal was thrown into question following activist shareholder claims that the original £44 per share offer favoured SABMiller's two largest investors.

Read more: An extra pound a pint? Aberdeen's not impressed by new Megabrew offer

AB InBev topped up the deal to £45 per share in response to concerns that Altria and Bevco were gaining special treatment from a cash and share option, which SABMiller then urged its investors to back in a statement on Friday.

The drinks companies have had to secure approval from antitrust authorities from the key four markets of China, South Africa, the EU and the US. The deal has been given the green light in more than 20 markets in total.

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