SABMiller shareholders back biggest takeover deal in UK history

SABMiller (Xetra: BRW1.DE - news) shareholders have backed a £79bn takeover by Budweiser brewer AB InBev, clearing the way for the biggest deal in UK corporate history.

Shareholders voted overwhelmingly in favour, with 95.5% of minority investors approving the deal, providing a clear victory for AB InBev, which needed at least 75% to clinch the takeover.

SABMiller have confirmed that investors backed a £45-per-share offer from AB InBev. This was increased from the £44-per-share offer in July, after the sterling decreased in value following the Brexit vote.

The deal, which is being referred to as "megabrew", is expected to complete on 10 October.

Cigarette maker Altria Group (NYSE: MO - news) and the Santo Domingo family of Columbia, which together control 40% of shares at SABMiller, were excluded from the vote, following a UK court order last month, but had previously shown their support for the deal.

AB InBev chief executive Carlos Brito welcomed the backing and confirmed the group will be called AB InBev following the merger.

Mr Brito said the merger will combine the two firms' "teams, strong heritage and passion for brewing."

He added: "We are committed to driving long-term growth and creating value for all our stakeholders."

The combined group will employ around 200,000 staff, but the merger is expected to create job losses. According to documents released last month, the combined group will cut 3% of its workforce across the globe.

SABMiller currently employs 69,000 people across 80 countries, but about 5,500 jobs are expected to be axed.

The takeover will mean that AB InBev, which is already the world's largest brewer, will sell one in four beers worldwide.

The brewer has reportedly set aside sales worth $16.5bn (£12.7bn) in order to secure global regulatory approval, including selling SABMiller's Peroni, Grolsch and Meantime brands to Japanese company Asahi.