Budweiser brewer Anheuser-Busch was today reported to have turned on its head and opened talks with Belgian beer giant InBev about raising its takeover bid after more than a month of hostilities between the two.

InBev has offered $46.3 billion (£23.4 billion) or $65 a share for the US firm, but the New York Times says the two sides have started talks about a friendly offer at a slightly higher price.

That would be surprising given the level of hostility between the two brewers so far, and also because Anheuser-Busch has rallied huge support from local politicians and consumers opposing a foreign takeover of such a US institution. It could face a massive backlash if it now goes for a recommended deal.

But the Anheuser board has come under increasing pressure from its shareholders, including billionaire Warren Buffett, to open discussions with InBev, the brewer of Stella Artois, Beck's and Bass.

A combination of the two companies would create the world's largest brewer. It would come at time when the industry is facing rapidly rising prices on key ingredients, which analysts say is likely to force the pace of consolidation.

US brewers are also seeing consumption slide as drinkers switch from mass-produced beer to wines and spirits, small breweries and imported beers.

InBev has launched an attempt to remove the whole of the Anheuser board while the latter is pursuing the Belgians in court over its operations in Cuba.