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The financial daily reported that AB InBev in a statement said that it has approached SABMiller over a combination of the two companies. Shares of AB InBev rose 6 percent.

SABMiller said its board “will review and respond as appropriate to any proposal which might be made”.

“Downward rating pressure could result if a deal goes through due to higher leverage and certain integration risks, despite the enhanced scale and diversification of the businesses”, Moody’s said. Beijing-based CRE would be the likely buyer of AB InBev’s...