Beer kegs are pictured outside the Stella Artois brewery, part of the Anheuser-Busch InBev group, in Leuven, Belgium. Anheuser-Busch InBev's net profit fell by 45 percent in the third-quarter. Reuters/Francois Lenoir

Shares of Anheuser-Busch InBev, maker of Budweiser and Corona, rose 2 percent Friday in European trading despite a bit of a buzzkill with third-quarter net profit down 45 percent for the world’s largest beer brewer. Both sales and profit fell in the July-September period, Market Watch reported.

Known for beers including Michelob Ultra and Stella Artois, the Belgium-based company reported the figures a week before it was expected to submit its formal bid to acquire fellow brewing company SABMiller PLC. Anheuser-Busch InBev was projected to submit a $106 billion bid, Bloomberg reported. SABMiller is known for producing Grolsch and Peroni beer brands.

“The bigger debate right now is the proposed acquisition of SABMiller,” said Eamonn Ferry, an analyst at Exane BNP Paribas, according to Bloomberg. In his note to investors, Ferry said sales growth in the third quarter was “good to solid.”

Anheuser-Busch InBev said its net profit fell from $2.5 billion a year ago to $1.38 billion now. While revenue fell to $11.38 billion from $12.24 billion, company officials said they expected revenue of $11.48 billion for year-end. The company also said it expected its sales to expand with year-end figures potentially hitting the high single digits.

The company said it expected an increase in sales to offset the potential increase in costs from more expensive products. Organic revenue would rise faster than inflation and was up 7.9 percent, Anheuser-Busch InBev said.

Shares gained slightly in Europe with investors eyeing the Nov. 4 deadline for SABMiller. Anheuser-Busch InBev’s Chief Financial Officer Felipe Dutra told journalists that financing for the deal was ready, but commitments from shareholders were still being finalized.

“There is a lot to be accomplished in a short amount of time,” said Dutra.

As International Business Times reported, global brewing companies have been consolidating business over the past several years with Anheuser Busch InBev buying Mexican company Grupo Modelo SAB for $20.1 billion in 2013.