AB InBev agrees sale of SABMiller stake in Snow beer

Ahead of the completion of its takeover of SABMiller, Anheuser-Busch InBev has agreed to sell the FTSE 100 company's stake in the world's largest beer brand for $1.6bn.

AB InBev agreed the sale of SAB's 49% interest in a Chinese joint venture, China Resources Snow Breweries, to joint venture partner China Resources Beer, in line with its strategy of hurdling potential regulatory objections around the world.

The deal will of course only be completed once AB InBev's acquisition of SABMiller completes, as expected in the second half of 2016.

SAB chief executive Alan Clark said: "Our CR Snow joint venture was established in 1994 and the Snow brand was developed in the same year.

"Since then, Snow has grown to become the world's largest beer brand by volume, selling more than 100 million hectolitres last year. Since forming the joint venture we have enjoyed a mutually beneficial partnership with CRB and together we have achieved great things in the Chinese beer market over the last 22 years."