Japan's biggest brewer and a Thai rival are competing with at least four private equity firms to buy the Peroni, Grolsch and Meantime beer brands from Anheuser-Busch InBev.

Japan's Asahi Breweries and Thai Beverage, the maker of Chang beer, were notified this week that they had qualified for the next round of bidding in the €2.5 billion auction. The brands are being sold to ease regulatory concerns over AB InBev's £70 billion takeover of rival SABMiller.

Bain Capital, PAI Partners and EQT are among the buyout groups still in the running, according to several people following the process. The private equity bidders may struggle against Asahi and ThaiBev, which potentially have access to cheaper funding.

– (Copyright The Financial Times Limited 2016)