More on Grolsch Deal

"SABMiller has paid a full price," said analyst Ben Maitland with WestLB Research. That's understatement. The $1.2 billion offer SABMiller has on the table represents 42 times Grolsch's net income, although SABMiller says it would be able to reduce that multiple to approximately 18, thanks to existing infrastructure and tax benefits.But remember that SABMiller wasn't buying current volume, but potential volume once it plugs the premium brand into its global network of brewers, particularly South Africa as it replaces Amstel,