What is Anheuser Bush, the world’s biggest brewer waiting for That is the question increasingly nervous investors are asking themselves in the wake of SAB Miller’s HK$4.30 richly-priced general offer for Harbin Brewery on May 24. That’s equivalent to a priceearnings ratio of 38 times 2003 earnings and four times its net asset value for the same year.
The stakes are high. If AB can be counted on to make a counter offer to SAB Miller, then Hong Kong-listed Harbin Brewery’s stock price will continue to shoot through the roof. The share price has already jumped from xxxx to xxxx in the wake of the takeover fever.
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