Analyst Sees A-B Deal as Unlikely

Merrill Lynch senior beverage analyst Christine Farkas (who you may recall spoke at our Beer Summit earlier this year), views an imminent deal for A-B as unlikely, both in terms of an activist shareholder like Bill Ackman, or a takeover from InBev.Why? Christine simply doesn't see a lot of fat on A-B's bone (despite the $42 million Falcon). Any way you cut it, Christine says, A-B's valuation is in line with the rest of the industry, and their cost structure