InBev’s acquisition of Anheuser-Busch’s business was still on track to be completed by the end of the year, according to the world’s largest brewer, as it warned of a period of “greater challenges” as expenses soar and demand in key markets dries up.

InBev, the company behind Stella Artois and Beck’s, is set to take over Budweiser’s parent company for $52bn, a deal which it hopes will bring the scale that can help offset rising packaging, shipping and grain costs. Savings of $1.5bn a year within three years are targeted.