Anheuser-Busch, the owner of Budweiser beer, was last night preparing to reject a $46 billion (£23 billion) offer from InBev in a move that could spark a hostile takeover battle by the Belgian rival.

It is understood that Anheuser-Busch could formally reject the offer, which it believes to be too low, as early as next week.

It is believed that the American brewer is to propose its own restructuring as a means of defending itself from the European owner of Stella Artois, which could include the sale of assets such as its theme park business.

Earlier yesterday, InBev had sought to press Anheuser-Busch for its response to the takeover approach by reminding shareholders that it had secured funding for the deal.

In a letter to the Anheuser-Busch board, InBev said that it had already paid $50 million of commitment fees to the consortium of banks financing the offer. The lenders include Banco Santander, Bank of Tokyo-Mitsubishi, Barclays Capital, BNP Paribas, Deutsche Bank, Fortis, ING Bank, JP Morgan, Mizuho Corporate Bank and Royal Bank of Scotland.

In the letter, Carlos Brito, chief executive of InBev, said: “This firm proposal is subject only to the negotiation of mutually satisfactory definitive agreements. We are committed to entering into a constructive dialogue with you to achieve a friendly combination.” He also gave warning that “time is of the essence”.

Mr Brito repeated in the letter that InBev would not shut any US breweries and would help to sell Budweiser beer globally. St. Louis would remain the company’s North American headquarters and “global home of the flagship Budweiser brand”, he said.

InBev had long been rumoured to have been considering bidding for Anheuser-Busch and finally did so on June 11. The offer, valuing Anheuser at $65 a share, was to be entirely in cash. InBev has claimed that the approach valued the brewer at a 35 per cent premium to the stock price before any rumours of a deal had surfaced.

InBev, which owns Stella Artois and Beck’s, wanted to buy Anheuser-Busch because it has very little business in the US, the world’s biggest beer market in terms of profits. It would also help it gain a foothold into China.

Shares in Anheuser-Busch slipped 2 per cent in after-hours trading on Wall Street, to $60.40. News that the brewer was minded to reject the offer emerged after New York markets had closed. Earlier, in Brussels, InBev closed down 1 per cent to €46.30.

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