South African Breweries (SAB) announced today that, following the approval of its shareholders at the EGM on 1 July and the receipt of satisfactory regulatory clearances, its acquisition of Miller Brewing from Philip Morris Companies has been completed.

In a statement the company said: "Miller has now become a wholly owned subsidiary of SAB, and SAB has issued 430m new shares to Philip Morris, consisting of 234,948770 ordinary shares, which will be listed today and 195,051,230 unlisted, low voting participating shares."

Graham Mackay, chief executive of the newly formed SABMiller said: "As the world's second largest brewer by volume, SABMiller is a leader in the global brewing industry and is attractively positioned for further market developments. We intend to achieve profitable growth in the global beer market."