SABMiller Plc (SAB) is engaged in the production and distribution of beer, malts and carbonated soft drinks with a portfolio of leading local and international brands. It is the world’s second largest brewery with a 14% market share. SAB is a decentralized brewery and prides itself on developing local beers for specific markets, which helps the company’s growth but also reduces its opportunity to massively scale its operations. SAB has a very strong exposure to emerging markets with 63% of its revenues coming from outside mature markets like Europe and North America. There is a high potential in the fragmented Asian markets for big breweries to consolidate and achieve scale which would increase the incredibly thin margins earned in China. SAB recently acquired Australia’s leading brewery, Foster’s, for USD 11bn after waiting for regulatory approval. SAB has historically been successful at integrating acquired assets into its structure.