InBev looks to pressure Busch into deal

By David Jones

LONDON (Reuters) - Belgium's InBev INTB.BR is putting pressure on Anheuser-Busch's (BUD.N) non-family shareholders to consider a $46 billion deal or risk being left out of a round of takeovers in the world brewing industry.

InBev, the world's second-biggest brewer, is considering a $65 a share bid for the Budweiser maker, to show shareholders, including Warren Buffett, it sees a better future for North America's biggest brewer than its family-led management.

"Clearly, InBev is looking to pressure Anheuser-Busch into a deal. The big problem a deal faces is the Busch family, so InBev is trying to influence the non-family shareholders," said one banking source familiar with the situation.

No bid has been made yet by InBev and both sides have declined to comment, but reports at the end of last week heightened market speculation over a deal between the two which has been rumored over the last 18 months.

The Busch family has a stake of around 3.5 percent in Anheuser, but exerts a strong influence over the directors and under August Busch III's leadership established a dominant share of the U.S. beer market from the mid-1970s.

He and his son, the current Chief Executive August Busch IV, have both said they would not sell the company, and although the board has in the past sided with the family on key issues, attitudes may have changed after a period of underperformance.

On the other side, InBev, the brewer of Stella Artois, Beck's and Brahma, is determined to get back the crown of the world's biggest brewer it lost to SABMiller (SAB.L) earlier this year and drive consolidation in the world brewing industry.

Reports say InBev has arranged a financial package of $50 billion for a deal and in about 12 months time a newly enlarged group could raise $10-17 billion in a rights issue.