THE BEER WARS COME TO A HEAD

摘要

It almost looks like a rival's revenge. By bidding for China's Harbin Brewery Group, Anheuser-Busch Cos. threatens to snatch a choice asset from London-based SABMiller PLC, which owns a minority stake in Harbin. At the very least, SAB faces a bidding war that will force it to pay as much as $500 million to defend its turf in China. The mainland is a must for any global beermaker, but that's still a lot of money for any brewer to sink into the Chinese market. It's probably coincidence, but the battle in China comes as SAB's Miller Lite is gaining on Anheuser's Bud Light in the U.S. Still, the rivalry in China shows how fiercely megabrewers are competing as the fragmented global beer market consolidates. "Anheuser-Busch has the opportunity to give SAB a bloody nose," says Anthony Geard, who follows SAB for In-vestec Securities in London. "So why not?"