全球两大啤酒巨头酝酿合并

Anheuser-Busch InBev, the world’s largest brewer, is exploring a takeover of rival SABMiller in a deal that would create a $275bn company responsible for one out of every three beers produced globally.

全球最大啤酒酿造商百威英博(Anheuser-Busch InBev)正考虑收购竞争对手SABMiller。这笔潜在交易将缔造一家2750亿美元的企业，届时全球每三瓶啤酒就有一瓶是该企业生产的。

A tie-up between the owner of Budweiser and Stella Artois and the group behind Peroni and Grolsch, dubbed “mega-brew”, would rank as one of the six largest takeovers in history and the biggest in a year that was already the strongest for blockbuster deals since 2007.

该交易的一方拥有百威啤酒(Budweiser)和时代啤酒(Stella Artois)品牌，另一方拥有佩罗尼(Peroni)品牌和高仕啤酒(Grolsch)品牌。合并后的企业已有“巨型酿酒商”之称。该交易的规模将进入史上前六大交易之列。而且，在大宗并购交易已经是2007年来最强的今年，其规模将位居榜首。

It would mark the latest stage of a remarkable consolidation in the global brewing industry driven by a group of Brazilian investors led by Jorge Paulo Lemann. They are also the founders of 3G Capital , the Brazilian private equity group which has been buying up US food companies such as Heinz, Kraft and Burger King sometimes with the support of investor Warren Buffett.

该交易将标志着全球啤酒酿造业一轮非同寻常的整合进入新阶段，其推动者是以豪尔赫?保罗?莱曼(Jorge Paulo Lemann)为首的一组巴西投资者。这些投资者还创办了巴西私募股权集团3G资本(3G Capital)，该集团一直在收购亨氏(Heinz)、卡夫(Kraft)和汉堡王(Burger King)等美国食品企业——其中部分收购是在投资者沃伦?巴菲特(Warren Buffett)的支持下发起的。

A series of deals over the past decade have transformed AB InBev and SABMiller into the world’s two biggest brewers. They, along with Heineken and Carlsberg , make half the world’s beer.

过去十年，经过一系列并购交易，百威英博和SABMiller已成为全球最大的两家啤酒酿造商。再加上喜力(Heineken)和嘉士伯(Carlsberg)，这些企业生产的啤酒占了全球一半。

Given the size of the two companies, AB InBev would have to agree to divestitures to obtain regulatory approval for a deal in multiple countries, including the US and China. SABMiller has a near-30 per cent share of the US beer market via MillerCoors, its joint venture with Molson Coors. It also has 23 per cent of China’s beer market through a joint venture with China Resources Enterprise.

考虑到两家企业的规模，在包括美国和中国在内的多个国家，为获得监管机构对并购交易的批准，百威英博将不得不同意出售一些资产。SABMiller通过与Molson Coors建立的合资企业米勒康胜(MillerCoors)，占有美国啤酒市场30%的份额。此外，通过与华润创业(China Resources Enterprise)建立的合资公司，SABMiller还占有中国啤酒市场23%的份额。