ST. LOUIS (June 11) - Anheuser-Busch Cos., the biggest U.S. brewery, received a $46 billion buyout offer Wednesday from a Belgian brewer that might be too good to refuse.

The maker of Budweiser beer disclosed late Wednesday that InBev SA, whose brands include Beck's and Stella Artois, delivered an unsolicited all-cash bid of $65 a share. It's unclear whether senior Anheuser-Busch executives think the deal makes sense, but shareholders may be drawn to the offer that represents a sizable premium over the company's closing price of $58.35 Wednesday.

"Anheuser-Busch said that its board of directors will evaluate the proposal carefully and in the context of all relevant factors, including Anheuser-Busch's long-term strategic plan," the company said in a statement. "The board will pursue the course of action that is in the best interests of Anheuser-Busch's stockholders."

A spokeswoman said the company would not comment beyond the statement.

Speculation has been rife in past weeks that a takeover bid was coming. The beer industry has been consolidating in recent years amid rising ingredient costs and stale demand in the United States.

Shares of the U.S. brewer surged almost 8 percent to $62.84 after hours, when the announcement was made. They had risen 2 percent in regular trading earlier in the day, when rumors of the deal were reported on CNBC.

Opposition to a potential takeover has already been fierce in Anheuser-Busch's hometown of St. Louis, and elsewhere in the U.S. The brewer employs 6,000 people in St. Louis, and many workers are worried InBev will cut jobs as the companies consolidate.

Web sites have sprung up opposing the deal on patriotic grounds, arguing that such an iconic U.S. firm shouldn't be handed over to foreign ownership.

"I am strongly opposed to the sale of Anheuser-Busch, and today's offer to purchase the company is deeply troubling to me," Missouri's Republican Gov. Matt Blunt said in a statement.

InBev was formed in 2004 when Belgium's Interbrew merged with South America's biggest brewer, AmBev. Since then, the company has cut jobs in several European countries even as its sales were boosted by strong demand in Latin American countries.

Anheuser-Busch executives have made cost-cutting a goal over the last two years. Sales in the United States have been stagnant as consumers turn toward wine and cocktails, and the rising costs of ingredients have bitten into profit margins.

Last year, Anheuser-Busch turned a profit of $2.12 billion, up nearly 8 percent from $1.97 billion in 2006. But its core brands of Budweiser and Bud Light continued to lag as sales of craft beers and imports rose.

While the InBev deal looks sweet on paper, it's far from a sure thing. Anheuser-Busch did not release details of how InBev planned to finance the deal, and raising so much capital could be tough as banks tighten their standards during a global credit crunch.

Beer