Budweiser maker Anheuser-Busch InBev wants to buy SABMiller, according to CNN.
A merger would create a "super brewery" with nine of the world's top 20 beers by volume, and annual sales of $55 billion. Shares in both companies shot up -- the combined group would be worth about $276 billion at Wednesday's prices.
SABMiller, which makes lagers such as Pilsner Urquell and Peroni, said it had no details yet of the planned takeover offer.
If the deal happens, it will be the biggest merger in brewing history, and could rank among the top 10 takeovers of all time, according to Dealogic and EY.
AB InBev, the world's biggest brewer by volume, has been interested in making a bid for SABMiller -- the world number two -- for a while. Sales of Bud, and Bud Light, have been waning for years, putting AB InBev in a tough spot.
Large mainstream brewers have also been struggling to defend their market in the face of a craft beer boom.
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