It took a pretty penny, but only three months after Anheuser-Busch CEO August Busch IV pounded his chest and vowed a sale wouldn’t happen "on my watch,” Belgium’s InBev has succeeded in luring its prey to the marital bed. A look at how this about-face took place (hint: a $5-a-share boost in the offering price probably didn’t hurt any) and what it means for a further consolidation of the rest of this old-guard industry.

Anheuser-Busch Cos. agreed to be acquired by InBev NV for about $52 billion, creating the world's largest beer maker and placing an iconic American company in the hands of a Belgian-Brazilian giant.

The $70-a-share deal marks an abrupt end to what many expected to be a prolonged takeover drama. For weeks, Anheuser showed stiff resistance to a sale. But last week, InBev, based in Leuven, Belgium, drew its St. Louis rival into friendly discussions by increasing its original cash offer by $5 a share.

The companies plan to call the new brewer Anheuser-Busch InBev. Anheuser will have two seats on the board. The board, which will include Anheuser-Busch President and Chief Executive August Busch IV, will have 14 members, up from 12 currently on the InBev board.

The deal caps Anheuser's roughly 150 years of independence and will create a global juggernaut. The new company will have net sales of about $36 billion a year, followed in size by London's SABMiller PLC. The two companies have about 300 brands, including Anheuser's Budweiser and Bud Light and InBev's Stella Artois and Beck's.

The agreement is evidence that even though the global mergers-and-acquisitions market has slowed as a result of the credit crisis, the appetite of many corporations for takeovers is still strong. It also shows that banks, despite the losses they have suffered on risky debt they took on in recent years, are willing to open their checkbooks to help fund combinations of strong companies.

The tie-up carries significant risks for InBev. Most of Anheuser's profit comes from the U.S. market, which is growing at a slow clip. Mass-market brewers face rising competition in the U.S. from small-batch "craft" beers, wines and spirits.

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