SABMiller is satisfied that it has offered a reasonable price for its Harbin Brewery takeover bid. The brewer said yesterday that it had offered a full price and too high a sum would make a deal unattractive.

"HK$4.30 (per share) is quite a full price," SABMiller's Africa and Asia head Andre Parker told Reuters on the sidelines of an annual results presentation in Johannesburg. The price was full in relation to price-earnings ratios, he added. Harbin's management have rejected the bid.

Full bid documents are expected to be filed with the Hong Kong stock exchange by Tuesday next week, after which Harbin shareholders will have 28 days to consider the offer.

Addressing a news conference via link-up from London, SABMiller chief executive Graham Mackay appeared to back off from a potential bidding war with arch-rival Anheuser-Busch.

"It is a deal like any deal that would be attractive at a price and not at any price," he told reporters.