09/16/2015 08:21 EDT | Updated 09/16/2016 05:12 EDT

AB InBev-SABMiller Merger Would Create Company That Controls One-Third Of World's Beer

LONDON — Beer and soft drink maker Anheuser-Busch InBev has confirmed it has made a takeover approach to rival SABMiller plc.

According to reports in the Wall Street Journal and the Financial Times, the merger would create a company that controls one-third of all the beer produced in the world. It would control 70 per cent of the U.S. beer market.

AB InBev controls brands such as Budweiser, Corona, Stella Artois, Beck's, Hoegaarden and Bud Light. SABMiller has a joint venture in North America with Molson Coors, which produces the Molson, Miller and Coors beer brands.

In announcements Wednesday, the companies say no specific offer has been made.

The statement said: "AB InBev's intention is to work with SABMiller's Board toward a recommended transaction. There can be no certainty that this approach will result in an offer or agreement, or as to the terms of any such agreement."

SABMiller said it "would review and respond as appropriate to any proposal which might be made."

Shares in SABMiller rocketed 22 per cent higher on the news.

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