According to Wall Street Journal, SAB Miller is in talks with and Femsa for a possible acquisition or merger. Earlier this year, some media reports claimed that SAB Miller is looking for new acquisition targets globally and Anadolu Efes' subsidiary, which operates Efes' international beer business, EBI was mentioned among the possible acquisition targets.
Anadolu Efes' management clearly denied those rumours several times and stated that EBI is their core operation and they are not considering to divest it. Yet the acquisition speculation had a positive impact on the stock price in a certain extend. Therefore we expect a negative market reaction to this new news flow.