London - SABMiller reported higher first-quarter sales as the brewer enters the final stretch before being bought by Anheuser-Busch InBev in the industry’s biggest deal.
Net producer revenue advanced 2 percent on an organic, constant-currency basis in the three months through June, the London-based maker of Castle Milk stout and Zambezi lager said in a statement on Thursday.
Reported sales declined 4 percent, weighed down by the strength of the dollar.
“This was another quarter of good underlying momentum,” Chief Executive Officer Alan Clark said in the statement, pointing to strong performances in Europe, South Africa, Colombia, Peru and Australia.
London-based SABMiller is facing mounting pressure from investors to seek a higher cash bid from AB InBev after a drop in the pound following Britain’s vote to leave the European Union raised concerns about valuation and soured appetite for the $103 billion deal.
The takeover - set to be the largest in UK history - still hinges on a regulatory nod in China after winning antitrust approval in the US on Wednesday.
In Europe, AB InBev is selling SABMiller’s flagship Peroni, Grolsch and Pilsner Urquell brands to obtain clearance.
BLOOMBERG