South Africa’s pension fund in talks with SABMiller over AB InBev’s offer

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South Africa’s Public Investment Corporation (PIC), a state pension fund and SABMiller’s fourth-largest shareholder said on Wednesday it was in discussions with the brewer about an improved offer from Anheuser-Busch InBev (AB InBev), the fund said.

“We are in discussions with SABMiller on the offer price and would not like to make our view public at this point in time,” said PIC head of corporate affairs Deon Botha.

On Tuesday, AB InBev raised its $100bn-plus offer for rival brewer, SABMiller in an attempt to calm investor dissent over an offer made less attractive by a post-Brexit vote fall in the pound sterling.

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