* Pan-European FTSEurofirst 300 index up 1 pct
* Mining and energy shares among top gainers
* SABMiller up after InBev's revised offer
* Airlines down on stronger crude oil prices
By Atul Prakash
LONDON, Oct 7 (Reuters) - European shares rose for a fourth straight session to a one-month high on Wednesday, with SABMiller gaining after a revised offer from Anheuser-Busch InBev and commodities stocks extending their recent strong gains.
Shares in SABMiller rose more than 3 percent after AB InBev, the world's biggest brewer, increased its bid for its rival to 42.15 pounds per share in cash, valuing SABMiller at nearly 68 billion pounds ($103.63 billion).
"The brewing sector has been desperate for M&A all year and we will continue to see such attempts as margins are under pressure and consolidation is a way going forward," Lorne Baring, managing director of B Capital Wealth Management, said.
Baring said the commodities sector probably saw its bottom in late September and has got a short term base to advance further, but owning miners even at these levels still presented an elevated amount of risk.
The European mining index surged 4.4 percent, the top sectoral gainer and up for a seventh straight day, while the energy index gained 2.5 percent, on stronger metals and as oil rose after breaking out of a month-long range on a forecast suggesting a global supply glut may be easing.
Shares in BP, Royal Dutch Shell, Anglo American, Rio Tinto and BHP Billiton, were up 2.2 to 8.8 percent.
The pan-European FTSEurofirst 300 index was up 1 percent at 1,435.81 points by 0816 GMT after rising to 1,436.68, the highest since early September.
A rise in crude oil prices hit airlines stocks, which also faced some selling pressure after Credit Suisse cut its stance on the sector to "equal-weight" from "overweight". IAG, Ryanair and easyJet, Lufthansa and Air France fell 3.0 to 5.7 percent.
Britain's biggest supermarket Tesco fell 1.1 percent after reporting a 55 percent slump in first half profits, but said it was trading ahead of expectations.
"The more obviously positive pockets include the ongoing strengthening of the balance sheet," Richard Hunter, head of equities at Hargreaves Lansdown, said. "The outlook is guarded and the full year guidance unchanged, whilst currency headwinds may continue to provide additional obstacles."
Europe bourses in 2015: link.reuters.com/pap87v
Asset performance in 2015: link.reuters.com/gap87v
Today's European research round-up (Editing by Andrew Heavens)