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Bernstein: SABMiller / AB InBev Combination Unlikely

Dear Client:"There has been much discussion in recent weeks and months of the potential acquisition of SABMiller by ABInBev. .... We think it unlikely." So writes Trevor Stirling of Bernstein Research, countering the thesis first put forth by Jim Koch and Credit Suisse. Trevor writes that the combination "does have some strategic attractions and may possibly have been discussed by the two companies at some point." But while the two companies have very little overlap (except in the US) which

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