UPDATE 3-AB InBev clears China hurdle in SABMiller takeover deal
* China approval conditional on joint venture stake sale
* CEO says SABMiller improved offer is compelling and final
* Q2 core profit $4.01 bln vs consensus $4.13 bln
* Brazil beer volume down 4.5 pct after 10 pct drop in Q1 (Updates after China commerce approval)
By Philip Blenkinsop and Ben Blanchard
BRUSSELS/BEIJING, July 29 (Reuters) - Brewer Anheuser-Busch InBev cleared a major hurdle towards its takeover of SABMiller with regulatory approval from China on Friday, leaving the acquisition's future in the hands of the British company's board.
China's ministry of commerce said it had approved the acquisition on condition that AB InBev fulfilled its commitment to sell SABMiller's stake in Chinese beer joint venture CR Snow.
The maker of Budweiser, Stella Artois and Corona said the conditional clearance meant it had satisfied all pre-conditions following earlier green lights from EU, U.S. and South African authorities.
It is now waiting for the SABMiller board's recommendation on a revised $100-billion-plus bid proposed on Tuesday. AB InBev added a pound per share to its cash offer to quash investor dissent over an offer made less attractive by a fall in the sterling following Britain's vote in June to leave the European Union. It has also hiked its share-and-cash alternative by 88 pence. Continuación...