Really Promising Soft Drinks Angles To SABMiller/Efes US$1.9bn Asset Swap

In BMI's opinion, SABMiller's decision to give up its beer businesses in Russia and Ukraine to the Turkish beer and soft drinks giant Anadolu Efes in exchange for a 24% equity position is a good move. The asset swap is worth US$1.9bn and while a lot of the discussion in the media has surrounded what this means for their respective beer businesses in Russia, we believe that the more interesting story from SABMiller's point of view will be the opportunities in Turkey and those internationally in Central Asia soft drinks in particular.

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