Greed and Fear over Harbin?

What is Anheuser Bush, the world’s biggest brewer waiting for That is the question increasingly nervous investors are asking themselves in the wake of SAB Miller’s HK$4.30 richly-priced general offer for Harbin Brewery on May 24. That’s equivalent to a priceearnings ratio of 38 times 2003 earnings and four times its net asset value for the same year. 

The stakes are high. If AB can be counted on to make a counter offer...

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