BRAZIL: AmBev beats oil giant to become most valuable firm

AmBev, the Brazilian unit of Anheuser-Busch InBev, has overtaken Brazil's state-run oil company to be the country's most valuable company by market value.

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The maker of Brahma and Bohemia moved top on 21 November after its total shares value rose to US$248.7bn, according to a survey by consultancy firm Economatica. Petrobras fell to second place with $247.2bn and mining giant Vale took third.

On the same date last year, AmBev was third behind Petrobras and Vale, Economatica said.

Across Latin America, AmBev is second to Colombian oil company Ecopetrol in terms of market value, with Petrobras third, according to Economatica.

In first-half results posted in July, AmBev saw net profits jump by about 10% and net sales increase by about 14%.

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