Despite a drop in beer volumes in North America and Europe, SABMiller reported a rise, boosted by the growth in African and Latin American markets.

SABMiller has reported its first-half net profits surged by almost one quarter thanks to the rapid growth in Asia, Africa and Latin America.

Foster’s defended the decision to approve SABMiller’s takeover of the Australian brewer, putting it in foreign hands for the first time in 150 years.

Australian beer giant Foster’s has accepted an improved takeover offer worth Aus$9.9-billion from British-based brewer SABMiller.

Foster’s rejected a $10-billion offer from rival SABMiller for the second time as it holds out for a better offer from the global brewing giant.

SABMiller went hostile with its $10-billion bid for Australia’s Foster’s Group, going direct to shareholders at a discount to Foster’s last trade.

Global ratings firm Moody’s believes that a successful SABMiller’s acquisition bid of Australian brewer Foster’s would benefit both companies.

Shares in the Foster’s group jump 14% with investors betting on an improved offer or a counterbid.

In the absence of any other bidders, SABMiller’s bid for Foster’s is expected to take months to resolve, as it tries for a better deal from SABMiller.

Australian beer giant Foster’s has rejected an initial $10-billion takeover bid from SABMiller, which said it would still pursue the group.