Beer giant Anheuser-Busch InBev is finally trying to buy rival beer giant SAB Miller

On Wednesday, SABMiller PLC said it has received word from rival multinational beer giant Anheuser-Busch InBev NV about a pending takeover offer. If the deal is successful, the combined company would be worth $245 billion and would dominate the global beer market, The Wall Street Journal reports. After SABMiller broke the news, AB InBev confirmed that it plans "to work with SABMiller's board toward a recommended transaction." The proposed merger has been rumored for at least a year.

Britain's Takeover Panel has given the two companies until Oct. 14 to submit a formal offer. If they do agree to a merger, the two companies can expect rigorous antitrust scrutiny in the many parts of the world where they have significant market share, including the U.S. The two companies combined have about 70 percent market share in the U.S., for example, with brands like Budweiser, Miller, and Coors, and many smaller labels.

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