SABMiller’s strength in Africa, China and other countries where InBev wants to grow makes it an attractive combination, Williams said.

“I think SABMiller is their number one target,” he said. “InBev wants to be the global, dominant player in beer, and this would help them do that.”

ROADBLOCKS

A combination of the two beer giants would be closely watched on Pestalozzi Street, where A-B InBev’s North American operations are based. The 2008 deal made some A-B executives and shareholders very wealthy, but it also resulted in job losses. What impact a deal with SABMiller would have in St. Louis is unclear, but many analysts say it would be minimal as SABMiller would likely have to divest its U.S. operations to satisfy antitrust concerns.

If a megasized deal is in the works, many roadblocks would stand in the way, including the high price SABMiller would command and antitrust battles domestically and overseas.

Some analysts are speculating SABMiller could make a defensive move and partner instead with London-based Diageo, maker of Smirnoff, Guinness and Baileys, to stave off a hostile bid. A-B had considered a similar move with Grupo Modelo in 2008.