Greed and Fear over Harbin Brewery

What happens if Anheuser does not bid?

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 priceearnings ratio of 38 times 2003 earnings and four times Harbin's net asset value for the same year.

The stakes are high. If AB can be counted on to make a counter offer to SAB Miller, then Hong Kong-listed Harbin Brewery's stock price may continue to shoot through the roof. The share price has already jumped from HK$3.225 at the end of April to its current...

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