Interbrew is looking at a complex global deal after the boot was put in to its purchase of Bass Breweries in the UK, which would involve the sale of Bass as only part of a swap of brewing resources with other world beer giants.
An industry source said "This scenario is definitely likely if there is more than one buyer for Bass, and that seems very likely, and at least two of them are global players with the ability to wrap up a sectional deal into the package, and that also seems likely."
Such a deal might involve entry into South Africa, with a reciprocal deal in Asia, plus the purchase of a brewery in South America and the handover of Bass.
A multi-part deal gives the potential buyers and Interbrew a sufficient smokescreen to hide behind on the true values of the various breweries involved and allows everybody to save face. Interbrew chief executive Hugo Powell is facing a potential loss of up to £800m, the difference between the price Interbrew paid for Bass breweries and the price it is likely to get from the forced sale imposed on it by the Department of Trade and Industry.
The merger was stopped by the secretary of state for trade and industry, Stephen Byers, over concerns that Interbrew, which had already bought Whitbread's breweries, would have too great an influence on the British beer scene.
o Lehman Brothers said last week that it was rating the shares of the newly-floated Interbrew a "buy".
Analysts at the investment bank said in a research note that the market had overreacted to Byers' decision not to approve Interbrew's purchase of British peer Bass Brewers .
They said company fundamentals remained sound and although the short-term for the company appeared uncertain, the current low price presented an opportunity to build a position in a top tier brewer, they said.
An industry source said "This scenario is definitely likely if there is more than one buyer for Bass, and that seems very likely, and at least two of them are global players with the ability to wrap up a sectional deal into the package, and that also seems likely."
Such a deal might involve entry into South Africa, with a reciprocal deal in Asia, plus the purchase of a brewery in South America and the handover of Bass.
A multi-part deal gives the potential buyers and Interbrew a sufficient smokescreen to hide behind on the true values of the various breweries involved and allows everybody to save face. Interbrew chief executive Hugo Powell is facing a potential loss of up to £800m, the difference between the price Interbrew paid for Bass breweries and the price it is likely to get from the forced sale imposed on it by the Department of Trade and Industry.
The merger was stopped by the secretary of state for trade and industry, Stephen Byers, over concerns that Interbrew, which had already bought Whitbread's breweries, would have too great an influence on the British beer scene.
o Lehman Brothers said last week that it was rating the shares of the newly-floated Interbrew a "buy".
Analysts at the investment bank said in a research note that the market had overreacted to Byers' decision not to approve Interbrew's purchase of British peer Bass Brewers .
They said company fundamentals remained sound and although the short-term for the company appeared uncertain, the current low price presented an opportunity to build a position in a top tier brewer, they said.
