A top executive at Anheuser-Busch Cos. urged employees and distributors to stay focused as the company maneuvers through a $47.5 billion takeover proposal by a larger rival, InBev of Belgium.

On Wednesday, Dave Peacock, vice president of marketing at A-B's domestic beer subsidiary, talked up the company's new plan to squeeze out costs, grab more market share and take more revenue from each barrel of beer.

"We need to all come together and focus on competing in the marketplace every day as aggressively as possible to exceed the plan that we have laid out," Peacock said in a website video. The presentation also was sent out through a private satellite network and a transcript was filed with the Securities and Exchange Commission.

The next big move probably rests with InBev, which has lined up at least $40 billion in debt financing for the attempted takeover. In the wake of Anheuser-Busch's rejection of its proposal last week, it is unclear whether InBev will launch an offer directly to shareholders, or succeed in its goal of meeting with A-B's board.

"The latter seems a prudent strategy, in the sense that a friendly combination still remains the best option," Bank Degroof analyst Marc Leemans wrote Monday in a research report. "It is not clear either if the financing remains fully committed in case of a hostile takeover."

Leemans didn't explain why a hostile bid might alter financing.

Meanwhile, the risk that Anheuser-Busch's hundreds of beer wholesalers could be distracted by InBev's overtures is a major concern for the St. Louis company. Distributors are the crucial middlemen between the brewer and drinkers.

On Wednesday, Peacock conceded that the last few weeks "have been interesting times here at Anheuser-Busch."

But the task at hand is to increase sales faster than the overall industry, he said.

"We cannot accept flat market share," Peacock told the wholesalers. "We have to grow our volume more rapidly than the industry, and we must grow share."

Although it's a time of considerable anxiety for Anheuser-Busch employees, "they're getting some of their best competitive results in a while," said Benj Steinman, publisher of trade publication Beer Marketer's Insights.

Sales of Anheuser-Busch beer to retailers were up 0.8 of a percentage point part way through the second quarter. The company's market share in supermarkets rose more than a percentage point when measured in dollars.

"It's not like they're going great guns," said Steinman. "But the encouraging thing from Anheuser-Busch's perspective is they have gotten back into positive territory. … They're gaining share, and that hasn't happened in some time."

jmcwilliams@post-dispatch.com | 314-340-8372