Anheuser-Busch InBev (BUD) has agreed to an asset swap with Ambev (ABEV - Get Report) of its businesses in Latin America, in an another attempt to please regulators ahead of the planned merger with SABMiller (SBMRY) .

AB InBev has agreed to transfer SABMiller's business in Panama to Ambev, in exchange Ambev will transfer its businesses in Colombia, Peru and Ecuador to AB InBev.

The agreement is contingent on approval of the merger with SABMiller.

In a statement, AB InBev said, "This will allow AB InBev to focus on countries where the SABMiller businesses it acquires are well established, and allow Ambev to initiate operations in Panama through the established SABMiller business and further expand its businesses in Central America."

AB InBev's shares were slightly down in morning trading and Ambev's shares were trading 1.7% up. 

AB InBev anticipates completing the acquisition of SABMiller in the second half of 2016 to create the world's largest brewery. The brewer offered to divest all SABMiller assets in central and eastern Europe and has also arranged to sell Peroni, Grolsch and Meantime, in hopes of having the European Commission approve the purchase.

The Australian Competition and Consumer Commission said it didn't oppose the merger but the South African Competition Commission has requested more time to review the merger.

Last week, the brewer announced that it had missed first-quarter estimates. Ebitda was down $3.6 billion, just shy of the $3.74 billion analysts were hoping for. Total volume sales were also down due to economic climate in Brazil. Sales in the beleaguered South American country have fallen 10% in the first quarter.