Anheuser-Busch is considering swigging $13bn of Mexican beer to make itself less attractive to its unwanted Belgian suitor, InBev.
The Budweiser brewer has opened talks with Corona beer owner Grupo Modelo about a spoiler deal to buy the 50% of the group it does not yet own, according to the Wall Street Journal. Bank of America analysts estimated this would cost $12.6bn (£6.5bn). An enlarged Anheuser would be much more expensive for InBev to take over.
The boss of Anheuser, August Busch IV, is anxious to explore alternatives to avoid succumbing to a European takeover of the 150-year-old St Louis-based company founded by his great-great grandfather. But talks with Modelo run the risk of infuriating shareholders, who see value in InBev's $46bn offer, worth $65 a share.
"We believe it would be highly controversial for the board to make a unilateral decision that does not at least create value equal to the InBev bid," said Bank of America analyst Brian Spillane in a research note.
