InBev, the Belgian brewer and owner of Stella Artois beer, has hinted again that it is prepared to go hostile in its $47 billion pursuit of Anheuser-Busch, the brewer of Budweiser.

Anheuser-Busch, the brewer of Budweiser and Michelob, rejected InBev's offer of $65 a share late last week but InBev said today that while its preference was for a "constructive dialogue to achieve a friendly combination" it insisted that it would pursue "all available avenues".

In a statement, the Belgian brewing giant said it remained committed to the proposal to combine the two brewing companies at a price which represents an immediate premium of 35 per cent over the share price before speculation of a takeover emerged. An acquisition by the Belgian company would constitute the third largest foreign takeover of a US company and the proposal is already causing anxiety amongst politicians and unions because of the potential impact on jobs.

InBev insisted that it would seek to give Anheuser-Busch's shareholders a direct voice, if the US brewer still refused to talk.

It added that its proposal, which is fully financed with backing from a consortium of banks including Banco Santander, Bank of Tokyo-Mitsubishi, Barclays Capital, BNP Paribas, Deutsche Bank, Fortis, ING Bank, JPMorgan, Mizuho Corporate Bank and Royal Bank of Scotland, provided immediate certainty of value against a backdrop of weak financial markets.

InBev said that Anheuser-Busch's newly formulated management plan, which it prefers to follow, carried significant execution risks.

On Friday the brewer set out a plan to cut $1 billion in costs and improve earnings in a bid to convince investors that InBev’s $47 billion offer was too low.

Analysts believe InBev would be willing to go hostile if necessary, but that the friendly approach remains most likely. They add it would have to raise its offer to at least $70 per share to persuade Anheuser-Busch to negotiate.

Bank Degroof said in a research note it believed a friendly combination remained the most likely option. “In the meantime, it is not unreasonable to assume that some shareholders are expecting a higher offer than $65 per share,” it said.

InBev, the world's second largest brewer, wants to buy Anheuser-Busch to boost its limited presence in the United States, the world’s biggest beer market in terms of profits. Its main brands, including Stella Artois and Beck's, are already distributed in America by Anheuser-Busch.

A deal would also boost its position in China, where it is the third biggest brewer with a market share of about 12 per cent. Its US target has a 27 per cent stake in Tsingtao, the country's best-known beer maker, and owns the Harbin and Budweiser Wuhan International breweries.

The Belgian company gave its first sign of hostile intentions last week when it filed a suit at the Delaware Chancery Court to establish that Anheuser shareholders could remove the entire board of directors.

InBev said today that it was clear the eight directors elected after 2006 were subject to removal and the purpose of the filing was to confirm its belief that the five directors elected in 2006 could also be replaced.

Anheuser said last week it would challenge InBev’s claim that the shareholders could remove the board.

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