Interbrew is unlikely to buy AmBev, according to analysts. Reuters reported yesterday that analysts it spoke to said the Dutch company would probably not look at an acquisition of the Brazilian brewer.

"It seems quite unlikely," Andrew Holland at ABN AMRO told the news service.

A report in a Brazilian newspaper last week suggested that the two were in talks about a tie-up. As a result, the speculation sent AmBev's shares 7% higher last Friday. Both companies declined to comment on the report.

Marc Leemans at KBC Securities told Reuters that he did not see Interbrew entering a region where it did not have any activities.

"They have always said that if they were to expand somewhere it would be where they already had something," he said. "But it would obviously fill a gap on the world map where they are active," he added.