Voting shares in AmBev leapt more than 8% yesterday following the announcement of the brewer's merger with Interbrew. Despite confusion surrounding the actual details of the transaction, AmBev's ordinary, or voting, shares rose by 8.05% at 940 reais once the deal was confirmed.

The Brazilian brewer's preferred shares, which are more liquid but do not carry voting rights, fell by as much as 12.86%, however, to 664 reais.

Speaking after the two companies announced the agreement, in which Belgium's Interbrew will buy a controlling stake in AmBev, equity strategist Marcelo Mesquita told reporters: "At first glance, (the deal) seems positive because there will be increased synergies and gains of scale.

"There's also going to be money up front for AmBev, but just how much and how soon is not clear yet," he added.