London - Shares in SABMiller jumped 13 percent to an all-time high on Monday after a report in the Wall Street Journal said that larger rival Anheuser-Busch InBev was talking to banks about financing a possible $122 billion (R1.3 billion) takeover bid.
The newspaper, citing a person familiar with the matter, said AB InBev was not in active discussions with SABMiller, noting that it was waiting to line up financing before making a formal approach.
AB InBev, the world leader and the maker of Budweiser and Stella Artois, declined to comment. SABMiller, the No. 2 and maker of Peroni and Grolsch, did not immediately respond to requests for comment.
The report comes a day after Dutch brewer Heineken said it had been approached by SABMiller about a potential takeover but that its controlling shareholder intended to keep the company independent.
Several analysts saw SABMiller's move as an attempt to head off a takeover from AB InBev, or a way for SABMiller to possibly force the larger company into action.
“If the wheels are not yet in motion on another brewing mega-deal, they may be now as SABMiller may have thrown down the gauntlet,” said Grupo Santander analysts in a research note.
Speculation about AB InBev's desire for SABMiller has been circling for years, with the chatter intensifying in recent months and again in the last week.
SABMiller shares were up 13 percent at 3,823 pence at 15:30 SA time in London, while AB InBev shares were up 3 percent in Brussels and Heineken shares were up 2.4 percent in Amsterdam. - Reuters