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Cape Town - Anheuser-Busch (AB) InBev [JSE:ANB] and SABMiller [JSE:SAB] plan to complete the takeover process on October 10, the breweries said on Tuesday.
Having concluded the pre-conditions to the merger on 29 July, SABMiller and AB InBev agreed to an expected timetable for the implementation of the combination.
They said the expected timetable will include the publication of the UK scheme document as well as the other key transaction documents on 26 August, shareholder meetings of AB InBev and SABMiller on 28 September and, finally, the completion of the combination on 10 October.
Completion of the combination remains subject to a number of conditions including approval of AB InBev and SABMiller shareholders, it said.
AB InBev approached SABMiller in September 2015 about its intention to make an offer for the South African company.
Since then, AB InBev has gained competition approval in 23 jurisdictions around the world, including South Africa, the US and China, as it combines the world’s two biggest breweries in a R1.45trn deal.
It hit a stumbling block last week over concerns the Brexit vote devalued the deal, which led to AB In Bev offering a higher offer by one pound a share to £45 and also increased the amount of cash for shareholders who choose a cash-and-stock alternative.
SABMiller ordered work to stop on the deal last week as shareholders indicated they were not happy with the increase, but this quickly changed as most shareholders approved the increase last Friday.
On Tuesday, AB InBev will start the process of forming a new company called Newbelco by entering a document with the Brussels commercial registry, where the company is based.
“The Belgian merger comprises one of the three key steps in the implementation of the combination,” it said.
