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Anheuser-Busch InBev, the world's largest brewer, has posted a 3.95% drop in profits in 2015 to $8.5bn (£6.11bn).

The Belgian-based company, which makes Budweiser, Corona and Stella Artois, is in the process of taking over rival brewer SABMiller, with the deal due to be completed by the end of 2016.

was slightly below analysts' expectations.

The company's sales volumes fell in the US and Brazil last year, and it has also been hit by the slowdown in China.

AB InBev gave no further details of its planned takeover of SABMIller, but said it continued to "expect the transaction to close in the second half of 2016", subject to clearance by regulators and approval from shareholders.

The newly-created firm will produce about 30% of the world's beer and the two firms are predicting cost savings of at least $1.4bn a year once the merger is completed.

The companies have already agreed asset sales to in an effort to clear the way for the takeover to be approved.

SABMiller has agreed to sell its 58% stake in US joint venture MillerCoors to its main partner in the business, Molson Coors, for $12bn.

Earlier this month, SABMIller also agreed to sell its Peroni and Grolsch brands to Japanese brewer Asahi.