![]() Analysts say there is no indication that Castel may be up for sale. SABMiller has a cross-shareholding with Castel and has said it would be keen to buy its African brewing operations in a deal worth around $10 billion that would give the combined group nearly 60 percent of the fast-growing market. “As the global beer market consolidates, and family shareholders controlling the last remaining attractive assets are less willing to sell, multiples will likely be driven up,” said analyst Melissa Earlam at broker UBS.Īnalysts say it is difficult to gauge when or if Castel and Petropolis, which brews Itaipava, come onto the market, and doubt whether family owned Spanish groups like Mahou and Damm are likely to be sold, even though they are based in a crisis-hit domestic economy. The scarcity of available brewing assets which forced AB InBev to pay a high price for Modelo, may now also raise the value of others that could come up for sale such as family owned Africa’s Castel and Brazil’s Petropolis.Īnalysts calculate that AB InBev, which makes Budweiser and Beck’s, paid around 15.4 times core EBITDA profits for Modelo in a deal agreed on Friday, higher than the 11.5 times Heineken paid for Mexico’s second-biggest brewer FEMSA Cerveza in 2010 as remaining deals get more pricey AB InBev is controlled by Belgian founding families and big Brazilian investors, while Heineken is family controlled and Carlsberg half-owned by a charity.Īnalysts say Heineken and Carlsberg, the smaller of the four, are determined to stay independent so are unlikely to get involved in big industry consolidation. The world’s four biggest brewers AB InBev, SABMiller, Heineken and Carlsberg already control half the global beer market.
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