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InBev (INTB.BR: Quote, Profile, Research) has not yet begun merger talks with Anheuser-Busch Cos Inc (BUD.N: Quote, Profile, Research) but is still weighing an acquisition of the U.S. brewer, a source familiar with the situation said on Tuesday.

The source also said the board of directors for Belgian brewer InBev has not yet voted on whether it will proceed with an overture to Anheuser, the No. 1 brewer in the United States with brands like Budweiser and Michelob.

InBev has not yet decided, the source said, whether it would look at acquiring other companies in the event an Anheuser deal falls through, as was reported over the weekend by the Financial Times.

Citing a person familiar with the situation, FT reported that InBev and SABMiller Plc (SAB.L: Quote, Profile, Research) have been holding informal discussions about a tie-up, but that the progress of those talks was stalled by SABMiller’s plans to merge its U.S http://pay-day-home.com. operations with those of Molson Coors Brewing Co (TAP.N: Quote, Profile, Research).

The beer industry is experiencing a wave of consolidation, with Scottish & Newcastle agreeing to be broken up by Carlsberg A/S (CARLb.CO: Quote, Profile, Research) and Heineken NV (HEIN.AS: Quote, Profile, Research).

InBev, formed from the 2004 merger of Belgium’s Interbrew with Brazil’s AmBev, has a fraction of the U.S. market but has mature businesses in western Europe.

It is also present in growth markets in eastern Europe, Asia and Latin America, notably in the key market of Brazil.

SABMiller shares closed Tuesday up 6.9 percent at 13.08 pounds in London, its highest close since January. Anheuser shares closed up 0.3 percent at $56.75 on the New York Stock Exchange. 

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