The investment bank, Merrill Lynch, has warned that a takeover of the Brazilian brewer Kaiser by a large international group could lead to some profit-taking in the shares of the market leader AmBev, now part of InBev.

Merrill Lynch analyst, Robert Ford, said in a note that the probable entry of another player via an acquisition of Kaiser would be likely to slow AmBev's share price momentum as the market comes to question AmBev's competitive outlook.

"We expect aggressive accounts to take profits in AmBev, and ask questions later," Ford said. However, Merrill has retained its 'buy' rating on AmBev, based on franchise strength, improved tax enforcement, share buybacks and a strong underlying economic growth outlook.

Some reports have suggested that the Mexican group Femsa could collaborate with Heineken in a bid for Kaiser, currently owned by Molson Coors. However, Ford believes it is too early to rule out other bidders coming forward.

"Given AmBev's growing Latin American footprint, we believe Kaiser is also of considerable strategic interest to Modelo/Anheuser and SABMiller," Ford said.