BELGIUM: Interbrew rating upped
Shares in Interbrew have been upgraded to "buy" from "hold." The move by Degroof follows Interbrew's announcement that it is to close its business relationship with FEMSA.
Under the agreement, FEMSA will acquire Interbrew's 30% stake in FEMSA Cerveza for US$1.245 billion in cash. FEMSA has subsequently agreed to withdraw its lawsuit seeking to block Interbrew's merger with AmBev.
"This is very good news as Interbrew will now be able to integrate Beck's into Labatt USA, which should generate 10 mln usd annual pre-tax synergies," Degroof analyst Christophe Piron said. "There should not be any problem any more for the closure of the InterbrewAmBev deal."
"Hence, taking into account the recent sector upgrade from 'underweight' to overweight', the resulting rating now stands at 'buy' vs 'hold' previously," he added.
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