not fun being a yanqui right now... part 3

No doubt some will find this to be good news for the US economy...

LONDON (Reuters) - Belgian brewer InBev , the world's second-biggest by volume, is working on a $46 billion bid for Anheuser Busch , a Financial Times report said, boosting the U.S. brewer's stock price.

At 10:26 a.m. EDT (1426 GMT), Anheuser Busch shares were up about 6 percent at $55.80. InBev was down 0.6 percent at 50.00 euros, having earlier fallen more than 4 percent after the report.

In the report on its Alphaville blog on the newspaper's website, the FT cited sources as saying the approach was expected to be pitched at $65 a share but while extensive work was being carried out InBev was "not about to push the button."

The report also said a financing package of $50 billion had been provisionally arranged through JPMorgan and Santander and that the bid had been discussed at an InBev board meeting on April 28 and at a meeting on Thursday.

InBev said it would not comment on the report. Anheuser-Busch was not immediately available but has a policy of not declining market rumors.

A JPMorgan spokeswoman declined to comment.

There have been recurrent rumors over a possible bid from InBev for its U.S. rival.

"Anheuser-Busch shares and options have been active throughout the week due to rumors of a takeover," said William Lefkowitz, options strategist at brokerage firm vFinance Investments in New York.

Jan Meijer, a beverage sector analyst with Theodoor Gilissen in Amsterdam said the deal made sense.

"There is a clear takeover rationale and we've been waiting for this to happen," he said.

"InBev has had some problems in the United States and if there was a takeover they would be able to rely on the network of Anheuser-Busch. It would fit in nicely with their exposure to emerging markets too."

InBev has a distribution deal with Anheuser-Bush for its beers in the United States.

InBev was overtaken as the world's largest brewer by SAB Miller last year. Rivals Heineken and Carlsberg have also increased their size with their joint purchase of Scottish and Newcastle .