$107 BILLION: THE BIGGEST BEER DEAL IN HISTORY

Dear Client:When Anheuser-Busch InBev decides to do a deal, it gets done. And that's what is about to happen. It's been close to a month since ABI and SABMiller agreed to the deal in principle, this morning the two parties finally reached an "agreement on the terms of a recommended acquisition."Now it's nearly a reality (dependent on certain criterium, antitrust blah blah). And for the first time, ABI is offering not a full cash deal, but the option to take