Interbrew and AmBev Combine in $11.5 Billion Deal

Belgium's Interbrew and Brazil's AmBev have agreed to combine in a complex stock deal worth $11.5 billion. The deal displaces Anheuser-Busch Cos. as the largest brewer by volume.

The new firm, InterbrewAmbev, would have 14% of the global beer market, with combined revenue of $11.9 billion. Its brands include Beck's, Stella Artois and Brahma. Anheuser-Bush remains No. 1 by revenue, according to news reports.

Interbrew gets 57% of AmBev, which gets Interbrew's Canadian subsidiary Labatt in return.

The companies declined to term the deal a takeover or merger.