South African Breweries announced yesterday that Brandes Investment Partners, the San Diego-based asset management group, has taken a  9.12% stake in London listed beer maker. The stake amounts 76.7m shares.
 
Brandes has been a substantial investor in SAB for several months an indeed, according to SAB director of communications Nick Chaloner, has held close to 9% since last year. The reason for the current announcement was a technical realignment of SAB holdings within the different Brandes companies.

SAB is apparently unconcerned about Brandes' substantial stake, and indeed saw it as a positive development. SAB moved from the Johannesburg stock exchange to London to attract foreign shareholders. Chaloner said  because of Brandes's speciality as an asset manager, its investment in SAB shares indicated it recognised SAB as a sound business in emerging markets.
 
However Brandes may also be interested in the current speculation that SAB and US brewer Miller are close to merging.