Rumours of a planned bid by InBev for Anheuser-Busch have become reality as the world's biggest brewer has tabled a mighty $46 billion/$65 a share hostile takeover of the U.S. producer of the world's biggest brand, Budweiser. Last week, August Busch IV, chief executive of A-B, met two InBev directors in Tampa, Florida, for exploratory talks. The talks were followed by a letter from InBev's chief executive, Carlos Brito, to Busch in which he spoke of the benefits of combining the two beer giants.

"I believe the combination of InBev and A-B would be industry-transforming," Brito added. "It would create an unparalleled opportunity for our two companies."

While August Busch IV is opposed to the takeover, other members of the Busch family are taking a softer line, but the final decision will be taken by independent shareholders. A merger of the two brewers would give them a 25% global market share of the beer business, producing 460 million hectolitres a year.