(TDB) - AB Inbev and SABMiller have extended a deadline which was due to expire on 28 October for them to reach a formal deal.

Sources close to the companies say that it is due to the workload involved with AB Inbev assembling the financial package to carry out the deal, the Financial Times reports.

AB Inbev is gathering around £75 billion to make the £44 per share takeover, which will be made up of cash and third-party debt.

The tie-up was agreed “in principle” two weeks ago, and will create a company with revenues of US$64 billion (£42bn) per year, AB Inbev estimates.

Due diligence is also holding up the completion of the deal, with market regulators around the world likely to have concerns about competition.

AB Inbev and SABMiller will likely have to shed some brands to completed the deal, but even after that it is expected the new company will be behind one third of all beer sales worldwide.