Santander: ABI-SABMiller Will Depend in Soft Drink Tie-Ups

Dear Client:What will ABI do next? It's been a question many analysts have asked and pondered, including Santander's Tony Bucalo. His thoughts: It depends on what PepsiCo does, and if PepsiCo proves to be cagey, ABI may sever ties with them to clear the way for a Coke deal, or an SABMiller-Coke deal. Tony hedges by saying an ABI-SABMiller tie-up may happen "under the right circumstances", the complexity of both companies ties with PepsiCo and Coke, respectively, will force ABI