ABI – SABMiller Chatter Heating Up (Again)

March 15, 2012ABI - SABMiller Chatter Heating Up (Again) Dear Client:Bernstein analyst Trevor Stirling has been a longtime bear on a possible acquisition of SABMiller by AB InBev. The structure of SABMiller is complex with lots of J-V's to unravel -- including MillerCoors -- and there is a cultural disconnect and limited overlapping synergies. However, Bernstein issued a report yesterday due to increased chatter in recent days about a possible deal, noting that they still believe a "deal is unlikely,