Belgium's InBev has completed its $52 billion acquisition of the maker of the iconic Budweiser beer, Anheuser-Busch, after Anheuser-Busch's shareholders approved the merger and it overcame the last hurdle of China's regulatory authorities, thereby ending 156 years of Anheuser Busch's existence in St Louis.

About 96 per cent of Anheuser-Busch's shareholders voted for the deal last week while shareholders of InBev's had already agreed to the acquisition in September.

The deal is now the largest completed acquisition this year and the new entity will be named Anheuser-Busch InBev, making it an approx $100 billion conglomerate and the largest producer and seller of beer, brewing one-fourth of the world's beer.

The acquisition has withstood the global financial turmoil that saw proposed mergers and acquisitions falling apart globally due to adverse market conditions and severe liquidity crunch. It was a smooth sailing for InBev because the deal had its moments of uncertainty and perhaps would not have gone through but for the Fort Knox type of agreements it signed with Anheuser and its consortium of 23 bankers.

In May, InBev not only shook the world of spirits but also the financial market when it made an unsolicited bid for Anheuser-Busch for $46 billion at a time when credit crisis was brewing globally. (See: World's largest brewer InBev proposes to create $100 billion company with $46 billion takeover of Anheuser-Busch)

The board of the St Louis-based brewer rejected the unsolicited offer as it viewed the $65-per-share offer too low, (See: Anheuser-Busch may reject $46.3 billion InBev bid) and tried to cut a deal with its Mexican partner, Grupo Modelo, and even plotted its own restructuring plan, that included the sale of its theme park operations and packaging unit as also layoffs in order save $500 million in cost as also to scuttle InBev's bid.

In June, although InBev had adopted a strident tone by announcing plans to go hostile in its bid and rallied shareholder support to remove the Anheuser-Busch board of directors, it was not completely averse to an amicable deal. InBev then sweetened the deal by hiking its bid by $5 a share and valuing the brewer at $52 billion. (See: InBev talks tough after Anheuser-Busch rejects overtures; may increase offer)

In July, InBev and Anheuser-Busch agreed to combine the two companies where Anheuser-Busch shareholders would receive $70 per share in cash, for an aggregate equity value of $52 billion, in an industry-transforming transaction and forming the world's leading global brewer. (See: InBev acquires Anheuser-Busch for $52 billion; Budweiser to be flagship brand)

To finance the deal, InBev had taken a loan of $45 billion and a short term equity bridge loan of $9.8 billion. Due to the global economic crisis, InBev had delayed its public offering in October and it has six months to come up with a $9.8 billion rights offering in order to pay its merger debt.

InBev also plans to sell its assets as well as Anheuser's entertainment business and other assets which should fetch around $7 billion.

Citigroup, UBS, Goldman Sachs, Merrill Lynch and Moells and Co advised Anheuser-Busch while J P Morgan, Lazard, Deutsche Bank and Centreview Partners were the advisors for InBev.

Citigroup and Goldman Sachs have reported a hefty $72 million earning on the deal. Citigroup got $32 million while Goldman Sachs $40 million.

InBev makes Beck's, Brahma, Stella Artois and Skol beers, and was itself created in 2004, when the Belgian company Interbrew and the Brazilian company AmBev merged, creating the world's largest brewer.

Anheuser-Busch makes Budweiser, Bud Light and other beers. The company has an estimated 51 per cent US domestic market share, where it is the undisputed No.1. InBev would like to leverage Anheuser-Busch's prominence in the developed world to further its dominance in the developing world.

The two companies already have a US distribution partnership for InBev's European premium import brands, including Stella Artois, Beck's and Bass. Anheuser-Busch's world-class sales and distribution system will continue to support the expansion of these brands in the US market.

The merger will result in significant growth opportunities from leveraging the combined brand portfolio, including the global flagship Budweiser brand and international market leaders such as Stella Artois and Beck's, maximising the combination's unparalleled global distribution network and applying best practices across the new organisation. Budweiser and the Bud Light are the largest selling beers in the world, and the combined company will have an unmatched portfolio of imports, local premiums and local core brands.

In addition, the two companies also see revenue opportunities through expansion of Budweiser on a global scale: InBev is the number one brewer in 10 markets where Budweiser has a very limited presence, and has a superior footprint in nine markets where Budweiser is already present.