Attractiveness and Likelihood of A Takeover of the TOP 20 Brewers

Based on size, geographic footprint and ownership we have analysed and presented our opinion on the attractiveness of the top 20 brewers as acquisition targets and the likelihood of their takeover. We consider larger players with high exposure to emerging markets to be more attractive, but size, complexity and high valuations act as barriers. Local brewers in high growth markets are also highly attractive, but the probability of their sale is often reduced by family or state control.