The first hurdle of InBev's takeover of US rival Anheuser-Busch has been cleared.
InBev shareholders voted overwhelmingly in favour of the acquisition of all Anheuser-Busch shares for $70 each at the Belgian-based company's extraordinary general meeting held today.
They also approved the name change of InBev to Anheuser-Busch InBev and the appointment of president and CEO August A Busch IV as a director of the new company.
"This vote demonstrates the confidence our shareholders have in the strategic and financial benefits of the combination with Anheuser-Busch," said Carlos Brito, CEO of InBev. "We are very pleased to complete this important milestone and we remain on track to close the transaction by the end of the year."
The next step is for Anheuser-Busch shareholders to approve the deal and the St Louis company is scheduled to meet on 3 October to consider and vote on the takeover.
After a split in the Busch family over whether they could resist InBev's hostile takeover, Anheuser-Busch formally declared it was accepting the sweetened bid in July. The takeover is the largest in the drinks industry and the third-biggest foreign takeover of a US company.
Busch family accept InBev takeover offer