The world's two biggest brewing firms have agreed the details of a merger worth £71 billion.

AB InBev - which owns brands like Budweiser, Corona and Stella Artois - will pay £44 per share in SABMiller - which owns the like of Foster's, Peroni and Grolsch.

In order to make way for the takeover, SABMiller will sell its 58% stake in its joint venture, MillerCoors, for $12bn.

"Our combination with SABMiller is about creating the first truly global beer company and bringing more choices to beer drinkers in markets outside of the US," said Carlos Brito, chief executive of AB InBev.

The combined company will be responsible for nearly a third (30%) of the world's entire beer supply. AB InBev currently employs around 155,000 staff and generates sales of $47bn. SABMiller has a workforce of 70,000 and has sales worth $26bn.