Anheuser-Busch InBev NV closed in on the biggest corporate takeover in U.K. history after proposing to pay almost $106 billion for SABMiller Plc to create a brewer selling one in every third beer worldwide.

The maker of Budweiser agreed to pay 44 pounds a share in cash for a majority of the stock, the companies said Tuesday. SABMiller said its board is prepared to recommend the offer, as shares in the target rose as much as 9.4 percent to 39.62 pounds in London. A successful takeover would giveAB InBev beer brands such as Peroni and Grolsch and control of about half of the industry’s profit.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.