10/07/2015 04:03 EDT | Updated 10/07/2016 01:12 EDT

Anheuser-Busch InBev ups its offer for SABMiller in quest to create beer behemoth

BRUSSELS — Belgium-based Anheuser-Busch InBev has made a third offer for the shares of SABMiller plc in its quest to create a global beer behemoth.

AB InBev announced Wednesday it increased its proposal to 42.15 British pounds ($64.35) per share in cash, after earlier proposals of 38 pounds and 40 pounds were rejected.

If the SABMiller would accept the offer and the merger passes regulatory approval, it would create a beer company with some 31 per cent of the global market and would dwarf the next-biggest player, Heineken, which has 9 per cent of the global market.

AB InBev CEO Carlos Brito said the combined company "would build the first truly global beer company."

The Associated Press