ST. LOUIS - Belgian brewer InBev is offering a big payday to shareholders of Anheuser-Busch Cos. Inc., but its bid to create the world's largest beer company is already facing a major obstacle -- U.S. election-year politics.

InBev SA, whose brands include Beck's and Stella Artois, delivered an unsolicited all-cash bid of $46 billion, or $65 a share, for Anheuser-Busch, which makes Budweiser, Michelob and Bud Light.

The bid, disclosed after the markets closed Wednesday, was an 11.3 percent premium over the St. Louis company's closing share price of $58.35.

In a conference call Thursday with investment analysts, InBev Chief Executive Carlos Brito laid out the company's rationale for the acquisition. A key part of the strategy is making Budweiser a global brand along the lines of Coca-Cola or Pepsi, Brito said.

"We see a similar opportunity here," Brito said. "Budweiser would be a flagship brand. It's a brand known by a lot of consumers around the world. They look for what we call international premium brands."

But politicians and activists are already lining up against the deal, saying it could cost jobs in the United States and send ownership of an iconic American company overseas. With economic concerns at the front of voters' minds, the opposition could cause a headache for InBev.

Missouri's Republican Gov. Matt Blunt said Wednesday he opposes the deal, and directed the Missouri Department of Economic Development to see whether there was a way to stop it.

"I am strongly opposed to the sale of Anheuser-Busch, and today's offer to purchase the company is deeply troubling to me," Blunt said in a statement.

Web sites have sprung up opposing the deal on patriotic grounds, arguing that such an iconic U.S. firm shouldn't be handed over to foreign ownership. One site, SaveAB.com, was launched by Blunt's former chief of staff, Ed Martin.

"Shareholders should resist choosing dollars over American jobs," Martin said in a statement. "Selling out to the Belgians is not worth it -- because this is about more than beer: It's about our jobs and our nation."

Brito said Thursday that InBev's plans do not foresee the closing of any U.S. breweries.

If the deal goes through, it would create a beer-brewing giant and mark just the latest phase of consolidation in an industry facing rising ingredient costs and stale demand in the United States.

Anheuser-Busch put out a statement, saying, "The board will pursue the course of action that is in the best interests of Anheuser-Busch's stockholders."

A spokeswoman said the company would not comment beyond the statement.

InBev was formed in 2004 when Belgium's Interbrew merged with South America's biggest brewer AmBev. Since then, the company has cut jobs in several European countries while its sales were boosted by strong demand in Latin American countries.

Worries about job cuts at Anheuser-Busch could be justified. InBev has a reputation for squeezing costs out of the companies it acquires, said Benj Steinman, editor of the Beer Marketer's Insights trade publication. Because of its size -- and control of nearly half the U.S. beer market -- Anheuser-Busch could be a ripe target for cost-cutting.

InBev tried to allay those fears by saying it would make St. Louis the headquarters for its North American division and would invite some Anheuser-Busch directors to join InBev's board.

Anheuser-Busch executives have made cost-cutting a goal over the last two years. U.S. sales have been stagnant as consumers turn toward wine and cocktails, and the rising costs of ingredients have bitten into profit margins.

Last year, Anheuser-Busch turned a profit of $2.12 billion, up nearly 8 percent from $1.97 billion in 2006. But its core brands Budweiser and Bud Light lagged as sales of craft beers and imports rose.

While the InBev deal looks sweet on paper, it's far from a sure thing. InBev said it plans to pay for the deal with $40 billion in debt, and raising so much capital could be tough as banks tighten their standards during a global credit crunch.

Opposition to the deal is sure to be stiff in St. Louis. SaveAB.com offers visitors yard signs and bumper stickers to express their distaste for the purchase.