Anheuser-Busch plans to reject Belgian brewer InBev's $46 billion offer to buy the company, the Wall Street Journal reports. The decision is not expected to deter InBev, however, which could launch a hostile takeover bid, the Journal notes. InBev wants to acquire the St. Louis brewer—the maker of Budweiser—to create the world's largest beer maker.
Anheuser is expected to make its position known in the next few days, arguing that the price is too low and that it intends to go on an intensive campaign to cut costs and make its operations more efficient. That could entail selling its theme-park subsidiary. InBev now must decide whether to go directly to shareholders.