Greed and Fear over Harbin Brewery

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. The offer is equivalent to a price/earnings ratio of 38 times 2003 earnings and four times Harbin's net asset value for the same year.