An ABI-SAB tie-up (dubbed "MegaBrew" by some analysts), has been the source of on-again, off-again speculation for some time. That has heated up in recent weeks after ABI reported more success in paying down debt from its Anheuser-Busch takeover. And even SAB chief executive Graham Mackay has done little to dampen speculation, suggesting to U.S. distributors last month that SAB could be had, for the right price.

That price is going to be much larger than what Lemann and company can draw from Burger King. But freeing up cash is one way to lay the groundwork to buy their biggest rival, if that indeed is their plan.

At this point, all this is little more than analyst speculation - neither company has commented officially. But if it becomes more than that, A-B InBev will indeed have a hammerlock on the global beer industry.

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