SABMiller snubs AB InBev's third offer, says £68b proposal still too low

London

SABMiller Plc has rejected Anheuser-Busch InBev NV's £68 billion (S$146.7 billion) takeover proposal as too low, putting it in conflict with its biggest shareholder, Altria Group Inc, which urged the brewer to support the overture.

AB InBev's approach, made public on Wednesday after two weeks of closed-door discussions, raised the stakes in the back-and-forth battle over combining the world's two largest beermakers. A merger would create a beverage empire controlling the number one or two positions in 24 of the world's 30 biggest beer markets, according to Exane BNP Paribas.