WRAPUP 2-InBev profit beats, Bud meets; deal seen closing soon

* On track to close Anheuser deal by year end

* Anheuser says deal could get U.S. antitrust okay in Nov

* InBev Q3 core profit 1.39 bln euros vs view of 1.37 bln

* Anheuser Q3 adjusted EPS $1.05 in line with Wall St view

* InBev shares up 4.3 pct; Anheuser up 1.5 pct (Adds comments from Anheuser CFO, analyst, details)

By Philip Blenkinsop and Martinne Geller

BRUSSELS/NEW YORK, Nov 6 (Reuters) - InBev NV INTB.BR and Anheuser-Busch's (BUD.N) $52 billion deal to create the world's biggest brewer could get U.S. antitrust clearance as early as November, and InBev sees no changes to the deal terms or financing.

Despite concerns from some investors that the global financial crisis could affect the deal, both companies insisted the acquisition is on track to close by year-end. InBev last month had postponed a $9.8 billion rights issue because of the markets turmoil. [ID:nLO206424]

Belgium's InBev made the remarks after reporting quarterly profit ahead of market estimates despite rising costs. U.S.-based Anheuser reported that quarterly net profit slipped as it took charges related to its takeover by InBev.

InBev CFO Felipe Dutra told a conference call the deal to buy the maker of Budweiser, agreed in July before the financial crisis deepened, was awaiting approval by Anheuser shareholders on Nov. 12, and by regulators. [ID:nSP122921]

"I firmly believe the deal will be closed based on the agreed-upon conditions," he said.

"The rights issue will be executed as part of the capital structure of the transaction," he said, adding the delay was the result of volatility rather than price or demand.

Anheuser's Chief Financial Officer W. Randolph Baker said it was possible that antitrust approval by the U.S. Department of Justice could come in November.

"It is a possibility, but again, the statements by both (Anheuser) and InBev are that we expect the transaction to close by the end of the year," Baker said.

Carlos Brito, InBev's chief executive, told investors that the maker of Stella Artois and Beck's had earmarked five non-core assets for possible sale, and might reach a $7 billion divestment target by selling two or three.

The news came a day after Molson Coors Brewing Co (TAP.N)TAP.TO emerged as the holder of a 5 percent stake in Australia's Foster's (FGL.AX). [ID:nSYD424844]

QUARTERLY RESULTS

InBev said EBITDA (earnings before interest, tax, depreciation and amortisation) rose 6.5 percent on a like-for-like basis to 1.39 billion euros ($1.79 billion) in the July-September period, from 1.33 billion a year earlier.

A Reuters poll of eight analysts had produced a consensus of 1.37 billion.

Revenue rose by a like-for-like 7.7 percent to 3.95 billion euros, against analyst expectations of 3.92 billion euros.

InBev shares rose 4.3 percent to 30.40 euros. The shares had dropped on Wednesday by 13.5 percent after Danish rival Carlsberg (CARLb.CO) trimmed its full-year earnings outlook. Some analysts saw Thursday's gain as a relief rally. [ID:nL5191169]

Anheuser shares rose 1.5 percent to $64.58, but were below the deal price of $70 per share.

Anheuser, which reported sales figures last month, said adjusted third-quarter profit was $1.05 per share, meeting analysts' estimates. [ID:nN06363489]

Profit in its U.S. beer segment rose 12.3 percent on a comparable basis, said Stifel Nicolaus analyst Mark Swartzberg, calling it the biggest increase this decade.

"The essentially in-line result masks a major improvement in U.S. beer, the business of foremost appeal to InBev and representing the majority of A-B profits, in our opinion," Swartzberg said in a note.

Anheuser cited cost-cutting from the "Blue Ocean" plan, announced after it spurned InBev's first takeover offer, for the profit increase in the U.S. beer segment.

InBev, set to take back the spot as number-one brewer from SABMiller Plc (SAB.L) when it buys Anheuser, said the cost of sales per hectolitre accelerated to 9.9 percent in the third quarter, but should decelerate significantly in the final quarter.

For the full year, the figure should be "moderately" above the upper end of its previous expectation of 5 to 6 percent.

"In 2009, cost of sales could favour us, partly offsetting lower volume growth," CFO Dutra said, adding he saw volume expansion similar to the 2008 level of 2 percent to 3 percent, down from 2007's increase of 5.2 percent.

Anheuser said price increases should help it offset rising costs, adding that revenue per barrel should grow 4 percent in both 2008 and 2009. (Editing by Simon Jessop and Carol Bishopric)