The trend of complication of Russian beer market is going on and in several directions at the same time. The range has got wider, the import and small segments are growing, namely craft beer, alcohol-free beer and special flavor beer. At the same time, all ex-mega brands and light lagers by Russian brewers are experiencing a decline of their shares. AB InBev Efes, Heineken, MBC and Pivzavod Trekhsosenskiy have exceeded the market, Carlsberg was developing slower than the market and Ochakovo as well as some other mid-sized breweries have been cutting down their volumes. To a big extent brewers’ performance was connected to their ability to reach agreement with networks, sacrifice their margin and enter new markets. Craft brewers are facing a serious danger of producers’ registration introduction – de facto licensing. ...
The global outlooks of the legal market of cannabis are excellent. It is possible to simultaneously imagine dry law repeal and craft brewing boom but not in one but in several consumer categories. For alcohol is contained in liquids and cannabis derivatives can be in three physical forms. The value of legal market of cannabis and its products can reach 10% of the world beer market in five years, and in 2030-2040 even reach the same scope provided the current rates of legalization and development of market infrastructure remain at the same level. Cannabinoids are actively integrating into the food industry from chewing gum to beverages deforming the pharmaceutical and alcohol markets, they influence the trends of healthy lifestyle and beauty. ...
Beer market of Kazakhstan acquired both traits of East European countries and South Eastern Asia taking a transitional position between them by many criteria and consumption style. Yet there is a positive trend in beer production which differs Kazakhstan from most of the neighboring countries. The market has remained consolidated in the hands of two international players because of its small size. However, it faces dynamic processes such as fast growth of draft beer sales, up and downs of regional companies and Carlsberg Group’s ultimate expansion. Excessive mainstream segment has declined over the recent years, yet, Zhigulevskoe and national brands with regional links have yielded their positions to a range of new products. In our review special attention was paid to regional analysis of the markets. In 14 regions of Kazakhstan we compared the companies’ positions, the market price segmentation and DIOT channel development. Besides we have compared the beer market of Kazakhstan to neighboring countries. ...
SABMiller play for Foster’s expected to drag on for months
Foster's shares have jumped to trade 6 percent above SABMiller's offer, rejected on Tuesday, with investors betting that SABMiller may have to raise its original bid by at least 10 percent to seal the deal.
"SABMiller is the logical buyer," said John Grace, portfolio manager at Ausbil Dexia, which owns a 0.5 percent stake in Foster's, according to Thomson Reuters data.
"They've got intentions to grow their global market share and Foster's presents an attractive opportunity. They're trying to engage with the board to come to an agreement. So it's early days," he said.
Foster's is alluring for its 50 percent market share in Australia, where its Victoria Bitter, Pure Blonde and Cascade beers help it earn some of the best margins in the developed world.
Others own the Foster's brand offshore, including SABMiller, which owns the brand in India.
Brokers have speculated that SABMiller, which brews Peroni, Grolsch and Miller, would have to offer at least A$5.25 to draw Foster's into talk, and would have to pay at least A$5.40 to clinch the deal. Foster's shares last traded at A$5.19.
"They'll have to up the price a little bit," said a portfolio manager at a Sydney-based fund that owns Foster's shares, declining to speculate on what would be a fair price.
"The beer volume's been down. They're trying to turn it around. So you're buying at the bottom of the cycle. Why would you give it away?"
SABMiller is seen as the only likely bidder, with others seen as too laden with debt to get involved. Key potential suitors have signalled they were not interested, including world no.3 brewer Heineken , Japan's Asahi Breweries and Denmark's Carlsberg (CARLb.CO).
SABMiller has got to know the Australian market through its Pacific Beverages joint venture with Coca-Cola Amatil , so it has a good view on the turnaround potential in the business.
It is known for its discipline on acquisitions, having last year walked away from bidding for Mexico's FEMSA, bought by Heineken in an all-share deal worth $7.6 billion, including net debt, which valued the maker of Dos Equis beer at 11.2 times trailing EBITDA.
At an enterprise value of A$11.2 billion, SABMiller's bid for Foster's is already at 11.8 times trailing EBITDA.
It has agreed to pay C-C Amatil up to A$380 million for its stake in the joint venture, if it is successful with its bid for Foster's, which it needs to factor into how much it would be willing to pay for Foster's.
24 Июн. 2011