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Anheuser-Busch shares drop after SABMiller halts integration

Budweiser Anheuser-Busch
Jock Fistick | Bloomberg | Getty Images

Shares of Anheuser-Busch InBev took a hit following SABMiller's announcement to halt its integration with AB InBev.

Earlier, SABMiller reported that it would meet to review the revised Anheuser-Busch InBev offer in light of recent exchange rate volatility and market movements.

The initial offer was worth roughly $108 million prior to Britain's decision to leave the European Union. Following Brexit, the valuation of the deal fell with the value of sterling. On Tuesday, AB InBev raised its offer to merge with SABMiller to approximately $103.81 billion.

SABMiller had begun working with AB InBev on integrating finance, technology, and procurement, according to a person familiar with the deal.

The deal was clinched with an agreement for Denver-based Molson Coors to take over SABMiller's 58 percent stake in their venture, MillerCoors, reported to Reuters.

AB InBev shares fell more than 3 percent on Wednesday, while Molson Coors shares fell 5 percent. Additionally, U.S. cigarette maker and one of SABMiller's biggest shareholders, Altria Group, dropped 1.74 percent

If the deal goes through, AB InBev's takeover of SABMiller would be one of the largest mergers in corporate history.

Shares of AB InBev have fallen more than 2 percent this year.

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