AB InBev will pay £44 for each share in SABMiller and confirmed it has agreed the sale of its 58% interest in US joint venture MillerCoors to Molson Coors for around $12bn.

Commenting on today’s announcement, Carlos Brito, chief executive officer of AB InBev said: “We are excited about our agreement on the terms of a recommended acquisition of SABMiller to build the world’s first truly global brewer.

“We believe this combination will generate significant growth opportunities and create enhanced value to the benefit of all stakeholders. By pooling our resources, we would build one of the world’s leading consumer products companies, benefitting from the experience, commitment and drive of our combined global talent base.”

Jan du Plessis, chairman of SABMiller, added: “SABMiller has an unmatched footprint in fast-growing developing markets, underpinned by our portfolio of iconic national and global brands. However, AB InBev's offer represents an attractive premium and cash return for our shareholders, and secures earlier delivery of our long-term value potential, which is why the Board of SABMiller has unanimously recommended AB InBev's offer.”

The purchase is expected to complete in the second half of 2016.