With the ink barely dry on the merger which made it the world's second largest brewer, SABMiller is returning to the capital markets with a placement of 120 million new shares, advised by the two banks that were closest to its predecessor South African Breweries (SAB).

JP Morgan and Cazenove are joint bookrunners and joint lead managers on the placement, which could raise almost $1bn (€1bn) to spend on new acquisitions. The bookbuilding process is expected to be concluded on July 12. JP Morgan is acting as global coordinator on the deal.