Commentary: Retreat of the Elephants

Dear Client:  Back in the early 2000s, SABMiller chairman Meyer Kahan characterized the global M&A landscape of brewers as the "dance of the elephants."  Today, after all value has been squeezed/unlocked  by buying up provincial brewers in each country under AB Inbev chief Carlos Brito and SABMiller chief Graham Mackay and driving costs out of the system to drive the stock price up, those heady days are seemingly over. That's done. The Big Brewers who are left, are wondering how