The investment bank, ING, has cut its rating on the shares of Belgian brewing combine, Interbrew, from "hold" to "sell" on the back of the publication of the group's first-half results.

"We doubt whether Interbrew can refrain from bidding on crucial targets, although its chief executive forecasts an industry shift towards an organic growth approach," ING said in a research note. "Also, the ambitious annual EBITDA margin growth of 100 basis points could hinder chances of raising the marketing spend necessary to accelerate organic growth."