AB InBev's JV With Efes No Surprise but Won't Lead to Acquisition; Shares Offer Modest Upside
We are not surprised by today's announcement that AB InBev will merge its assets with those of Andolu Efes in Russia and Ukraine. As we have stated in previous commentary, Eastern Europe does not fit with AB InBev's strategy of increasing operating profit through focusing on its large-growth markets and the SABMiller integration. Under the assumption that the deal was structured at fair value, we will make no change to our $126 and EUR 109 fair value estimates for AB InBev's ADRs and ordinary sh...
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