Brewer SABMiller sets date for shareholder vote on deal with rival

The tie-up of the world’s two largest brewers moved a step closer on Monday, with SABMiller announcing shareholders would vote on September 28 on its takeover by rival AB InBev.

The September meetings of both companies’ shareholders will pave the way for the deal to be completed on October 10, London-based SABMiller said.

Merger terms are due to be published on Tuesday, with various other procedures to follow in the coming weeks ahead of the expected October closure. 

The deal will see SABMiller’s brands such as Pilsner Urquell and Peroni be taken over by Belgium-Brazilian AB InBev, owner of beers including Stella Artois and Budweiser.

The two brewers originally came to agreement in November but the collapse of the pound following Britain’s recent decision to leave the European Union prompted fresh negotiations.

SABMiller’s board on Friday accepted AB InBev’s final offer of £45 ($60, 53 euros) per share, up from from £44, with SABMiller valued at £79 billion.

Following the announcement SABMiller Chairman Jan du Plessis said the impact of the Brexit vote had made the board’s decision more challenging. 

“We believe the final cash consideration of £45 per share to be at the lower end of the range of values considered recommendable,” he said in a statement.

If the deal goes ahead as planned, SABMiller said the combined group would be listed on October 11 in Brussels, with secondary listings the same day in Johannesburg, Mexico City and New York and Mexico City.