Merger of world’s two biggest beermakers clears last hurdle

london» A deal worth over $100 billion to combine the world’s two biggest beer companies cleared its last major hurdle Wednesday when the shareholders of SABMiller approved the takeover by Budweiser maker Anheuser-Busch InBev.

SABMiller shareholders approved the $103 billion deal — dubbed Megabrew — despite opposition from some investors who saw their share of the payout shrink when the pound plunged following Britain’s vote to the leave the European Union. AB InBev shareholders also backed the transaction.

“We are committed to driving long-term growth and creating value for all our stakeholders,” AB InBev CEO Carlos Brito said.

Regulators around the world have already approved the deal, which AB InBev says will create “the first truly global brewer.”

The takeover is expected to be formally completed on Oct. 10, AB InBev said. As part of the transaction SABMiller sold its share in the MillerCoors joint venture to Molson Coors for $12 billion. The deal effectively doubled Molson Coors’ business by putting all of the Miller brand’s international portfolio in the hands of the Denver-based brewing conglomerate.

Acquiring SABMiller, which makes Fosters and Miller and traces its roots to the former South African Breweries, gives AB InBev a large presence in Africa while increasing its business in South America and Europe. The combined company will control almost a third of the global beer market.

In order to win approval from SABMiller’s two largest shareholders, AB InBev offered the U.S. tobacco company Altria and BevCo, an investment vehicle of the Santo Domingo family, a cash-and-stock deal that allows them to remain invested in the beer industry while avoiding taxes on a large cash payout.