SAB.L Share News (SAB)

(ShareCast News) - Brewery and beverage giant SABMiller's shareholders can be treated as two classes when they vote on the £79bn takeover by rival Anheuser Busch InBev, a judge ruled on Tuesday.As a result of the ruling, the FTSE 100-listed company now needed 75% of SABMiller's shareholders, excluding its two largest ones, cigarette manufacturer Altria Group and BevCo, to approve the deal before it could be confirmed.Altria Group and BevCo, owned by the Santo Domingo family, which holds 13.9% stake in SABMiller, support the proposed takeover. Combined they own about 40% of the shares.Reuters reported that the judge ruled it was reasonable for the company to want to separate its shareholders in two classes to prevent a potential delay or challenge to the takeover from shareholders who might say that the vote was unfair later on.Justice Richard Snowden, said: "I have jurisdiction to order a meeting of public shareholders to be summoned that does not include Altria and BevCo."The initial deal offered to shareholders was £44 per share in cash and a discounted cash and stock offer was made to Altria and Bevco with a view to limiting their tax liabilities.After the UK voted to leave the EU in the June referendum the pound plummeted and increased the value of the cash and stock offer above that of the cash deal, so some shareholders wanted to seek a better deal.AB InBev proposed a new offer which SABMiller accepted, but said it would seek approval to separate its shareholder classes, which would mean that up to 85% of shareholders, rather than 75%, would need to approve the takeover.The shareholder meeting is on the 28 September, and if the deal is accepted, it could close by 10 October.Shares in SABMiller were up by 0.10% to 4,383.50p at 15:11 BST and shares in AB InBev by 1.73% to €112.20.