Shares in Anheuser-Busch, the owner of Budweiser beer, soared 7 per cent yesterday amid speculation that InBev, of Belgium, has secured funding to launch a $46 billion (£23.2 billion) bid.

InBev, which owns the Stella Artois and Beck's brands, is understood to have lined up funding from JPMorgan, the Wall Street bank, and from Santander, of Spain.

InBev, JPMorgan and Sullivan Cromwell, the American law firm believed to be advising the Belgian brewer, all declined to comment.

It is thought that an approach is not imminent, even though funding of up to $50billion is believed to have been secured.

Such a deal would mark the most important transaction since the bail-out of Bear Stearns by JPMorgan this year. It would also raise hopes across capital markets that the worst of the credit crisis may be over, with a number of large buyouts having collapsed over the past 12 months as funding dried up.

Wall Street experts also pointed out that a combination of the two brewers would make compelling business sense. While Anheuser-Busch has interests in China, Britain and Mexico, where it owns 50 per cent of Modelo, the Bud Light owner derives 86 per cent of its revenues from America, where it is a clear No1, with 48 per cent of the beer market.

InBev is the biggest brewer in the UK and continental Europe and has a strong South American presence, after its merger with AmBev, of Brazil. Such a combined group would have little geographical overlap.

The two companies already work together in America under an agreement whereby the US brewer distributes some of its Belgian rival's brands, including Beck's, Bass and Stella Artois. There were suggestions last night that Anheuser-Busch could offer to buy out the other 50 per cent of Modelo to create a posion pill.

Jan Meijer, an analyst at Theodoor Gilissen in Amsterdam, said: “We've been waiting for this to happen. InBev has had some problems in the US and if there was a takeover they would be able to rely on the network of Anheuser-Busch.”

Competition is fierce in the global beer market, with Anheuser falling behind SABMiller and InBev in the global league table of brewers. Heineken and Carlsberg have also increased their size with their joint purchase of Scottish & Newcastle.

While rumours of a tie-up have been going on for 18 months, the speculation re-emerged after reports claiming that the decision to approach Anheuser had been discussed at an InBev board meeting on April 28, and again this week.

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