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Sterling climbs towards two-week high on M&A deal

Reuters - UK Focus

(Fixes typo in lead)

LONDON, Oct (HKSE: 3366-OL.HK - news) 13 (Reuters) - Sterling rose towards a two-week high against the dollar on Tuesday, bolstered by SABMiller (Xetra: BRW1.DE - news) 's decision to accept a takeover proposal from Anheuser-Busch InBev, for a deal worth 68 billion pounds.

Sterling climbed to $1.5375, up 0.15 percent on the day, having traded at $1.5320 just before the deal was announced. With the deal priced in pounds, traders expect sterling inflows to boost the currency in the near term.

Sterling traders have been positioning for the deal, which has been dragging on for sometime. But on Tuesday, after repeated rebuttals, AB InBev said it was willing in principle to pay 44 pounds in cash per SABMiller share.

September inflation data due at 0830 GMT could put sterling under pressure. Annual inflation is expected to be 0.0 percent, unchanged from a month ago. (Reporting by Anirban Nag; Editing by Catherine Evans)