Overview of the general strategy of the world's largest brewer and focus on China and Afrika for new growth perspectives.

1. International Business Strategy
AB InBev
Boogaard Sylvain
Epple Isabel
Gauthier Raoul
Rostenne Simon
Steyaert Morgane
!

2. 2
!
!
ASIA
AFRICA
Forthcoming Internationalization Challenges
Assessment of Past Internationalization Strategy
Industry Analysis
Merger & Acquisition:
(External Growth)
Number one brewer and in the top five Fast Moving Consumer Goods firms
Megamerger between AB InBev and SABMiller with direct impact on the
internationalization strategy, particularly in China and Africa.
Established since 1366
Interbrew and Ambev
merged in 2004
Acquisition of Grupo
Modelo in 2012
2008 merger with
Anheuser-Busch
2016 Acquisition
SABMiller
TODAY
Raising interest for substitutes (wines, ciders, non-alcoholic beverages, …)
Highly concentrated competition as top 10 companies are representing 65%
of the market share in 2013.
Fast entrance High risk
Synergies
Wholly owned
Difficulty of the deal
Increase debt ratio
“Think Global, Act Local”
The portfolio is separated in categories such as international, multi-country and local
brands to appeal to a larger number of potential customers.
The Chinese market is expected to provide 31% of the world volume growth in the
next ten years.
Premiumization à Increase the share of the winners into the Tier-1 cities.
à Strengthen the position of their crafted beers
Expansion province by province à Merger with local/regional lager beers companies
à Africa’s beer volume is expected to grow by 44% between 2014 and 2025.
à The African customer is used to lager types of beers so this choice seems to
be the best strategy on a short term
à The forthcoming raising middle class should also be anticipated

3. 3
!
0. INTRODUCTION 4
1. INDUSTRY, COMPANY AND STRATEGY OVERVIEW AND MAIN GLOBALIZATION DRIVERS 4
2. ASSESSMENT OF PAST INTERNATIONALIZATION STRATEGIES OF AB-INBEV 9
2.1. AB INBEV’S MAIN PILLARS FOR A SUCCESSFUL INTEGRATION 9
2.2. MERGERS AND ACQUISITIONS 9
2.2.1. INTERBREW AND AMBEV 9
2.2.2. ANHEUSER-BUSCH AND INBEV 10
2.2.3. ACQUISITION OF GRUPO MODELO 10
2.2.4. ACQUISITION OF SABMILLER 11
2.3. INTERNATIONALISATION STRATEGY 12
2.3.1. COMPARISON OF AB INBEV WITH ITS CLOSEST COMPETITOR: HEINEKEN 13
3. INTERNATIONALIZATION STRATEGY RECOMMENDATIONS 15
4. CONCLUSION 21
5. BIBLIOGRAPHY 22
6. APPENDIX 25
6.1. 10 PRINCIPLES 25
6.2. WORLD BEER INDUSTRY (% OF VOLUME, 2014) 26
6.3. CONSUMER’S CLASSES EVOLUTION FORCASTS 26
6.4. CONSUMPTION PER CAPITA (20 LARGEST PROVINCES IN TERM OF LITERS OF BEER) 27
6.5. SEGMENT COMPARISON 27
6.6. CONSUMPTION VS GDP (PER CAPITA, THOUSAND OF USD AND LITERS) 28
!
!

4. 4
0. INTRODUCTION!
!
A! beer! is! usually! something! one! enjoys! with! some! friends! sitting! at! a! table! on! a! sunny! day,! not!
thinking!about!the!massive!corporate!world!behind!it.!However,!the!Belgian?based!AB!InBev!became!
the!world’s!first!global!brewer!following!its!numerous!mergers!and!acquisitions.!This!applies!even!
more!since!October!2016!when!AB!InBev!concluded!a!deal!with!SABMiller,!its!closest!competitor!at!
this! time! in! terms! of! size,! resulting! in! one! of! the! biggest! acquisition! in! the! corporate! history.! Of!
course,!due!to!complicated!legislations!and!rules!on!unfair!competition,!AB!InBev!had!to!make!some!
important!strategic!choices!about!its!business!units!and!brand!portfolio.!For!merging!purposes,!the!
industry! leader! had! to! divest! some! of! its! units! to! competitors! and! thus! make! essential! portfolio!
choices!on!international!business!matters.!!
!
In! this! paper,! we! will! first! discuss! the! industry,! the! company! and! the! strategy! overview! before!
moving!to!AB!InBev’s!history!in!terms!of!strategy,!past!mergers!and!acquisitions!and!performance.!
We!will!then!compare!the!company!to!one!of!its!largest!competitor!on!the!global!market:!Heineken.!
Finally,!we!will!analyze!the!forthcoming!opportunities!that!AB!InBev!will!have!to!take!in!order!to!
ensure!a!stable!growth,!mostly!in!Asia!and!Africa.!Indeed,!those!two!regions!are!part!of!the!motives!
behind!the!acquisition!of!SABMiller.!Did!AB!InBev!really!redefine!its!global!strategy!by!making!this!
decision?!Are!Asia!and!Africa!really!the!future!of!the!beer!industry?!What!about!their!decision!to!sell!
some!important!business!units!owned!by!its!acquired!units?!
1. INDUSTRY, COMPANY AND STRATEGY OVERVIEW AND MAIN
GLOBALIZATION DRIVERS
!
1.1. Industry overview
AB! InBev,! world’s! number! one! brewer,! is! part! of! the! five! biggest! Fast! Moving! Consumer! Goods!
companies!of!the!world,!after!Nestlé,!Procter!&!Gamble,!PepsiCo!and!Unilever!in!terms!of!revenue.!
In!terms!of!EBITDA1
!however,!the!Belgian!company!AB!InBev!reaches!the!second!highest!level.!The!
recently! announced! merger! between! the! two! biggest! brewers! AB! InBev! and! SABMiller! will!
undeniably!catapult!the!company!at!the!first!position.!!
1
!Excluding!synergies!
2
!Bjornstad!et!al.!(2011).!Beer!Industry.!Retrieved!on!April!4,!2017,!from!https://fr.slideshare.net/cadeler/beer?industry!

5. 5
Figure 1. AB InBev Merger with SABMiller creates one of the world’s leading
Consumer Goods Companies (USD in billions)
Investor!Presentation!(2015).!Building!the!first!truly!global!beer!company.!Retrieved!April!7!2017!from!
http://www.abinbev.com/content/dam/universaltemplate/abinbev/pdf/investors/quaterly?
reports/2016/ABInBev_Full_Year_2015_Investor_Presentationt_External.pdf!
Over! the! years,! AB! InBev! has! acquired! number! one! or! number! two! positions! in! 192
! important!
markets,!overpowering!its!main!competitors!that!are!Heineken!and!Carlsberg!since!the!merger!of!
the!two!giants,!AB!InBev!and!SABMiller.!Talking!of!which,!the!beer!industry!is!mainly!characterized!
by! a! consolidation! trend,! partly! motivated! by! the! development! of! economies! of! scale,! market!
penetration!and!the!increase!of!product!portfolio.!The!latter!is!important!as!the!industry!is!achieving!
maturity,!meaning!that!actors!have!no!other!choice!than!to!invest!in!R&D!to!gain!market!share.!!
!
Table 1. Evolution of the turnover in the beer industry in 2013
! 2011! 2012! 2013! 20143
! 20154
!
Industry!
turnover!(in!
billion!
dollars)!
500,24! 505,!74! 511,30! 516,!92! 522,60!
Source:!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod!!
!
An! alternative! however! indicates! a! strong! focus! on! emerging! markets! that! show! higher! growth!
potential!than!developed!markets.!In!2013,!10!companies!shared!65%5
!market!share,!with!AB!InBev!
leading!the!way.!AB!InBev,!SABMiller,!Heineken!and!Carlsberg!possess!45%6
!market!share,!leading!to!
the!conclusion!that!the!market!is!highly!concentrated.!!
!
!
2
!Bjornstad!et!al.!(2011).!Beer!Industry.!Retrieved!on!April!4,!2017,!from!https://fr.slideshare.net/cadeler/beer?industry!
3
!Estimation!
4
!Estimation!
5
!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod.!
6
!Ibid!

6. 6
Table 2: Main brewer’s repartition by geographic area in 2013
! AB!InBev! SABMiller! Heineken! Carlsberg!
Asia!Pacific! 7.8%! 1.1%! 0.9%! 2.0%!
Eastern!Europe! 16.5%! 15.1%! 16.7%! 24.8%!
Latin!America! 34.7%! 11.5%! 0.5%! 0.1%!
MiddleHEast!and!
Africa!
0.6%! 38.8%! 18.1%! 1.1%!
Western!Europe! 10.6%! 3.5%! 17.3%! 11.2%!
North!America! 50.0%! 16.1%! 2.9%! 0.1%!
Australia! 1.2%! 3.5%! 17.3%! 11.2%!
Source:!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod!
!
In!light!of!the!analysis!of!the!industry,!Porter’s!Five!Forces!helps!getting!a!better!overview!of!the!
industry’s!competition!from!AB!InBev’s!position.!
!
!
Figure 2. AB InBev Porter’s Five Forces Analysis
!
1.2. Company overview
Established!since!1366,!the!Belgian!company!AB!InBev!has!made!a!name!to!itself!after!a!series!of!
mergers! and! acquisitions.! Of! these,! there! are! four! important! combinations.! First,! Interbrew! and!
Ambev! merged! in! 2004,! resulting! in! InBev.! Second,! the! newly! named! company! merged! with!
Anheuser?Busch,!leading!to!AB!InBev.!Shortly!after,!the!Belgian!company!acquired!Grupo!Modelo,!
active! in! the! Mexican! market.! Very! recently,! it! has! announced! the! megamerger! of! AB! InBev! and!
SABMiller,!the!leading!organizations.!!
Bargaining power of suppliers
Given AB InBev importance on the market,
the multinational has a high power over
suppliers. Following its M&As, important
economies of scale and synergies
emerged from the large volume purchased
to its suppliers.
Industry Rivalry
Highly concentrated industry; top 10
companies represent 65% of market
share in 2013. AB InBev is never safe
from a M&A between two competitors.
Bargaining power of buyers
Wide range of beers from the lowest price
bracket to the highest one.
However, distributors have a large
negotiation power on prices reducing
margin (off trade consumption) comparing
to margin on on trade consumption.
Threat of substitutes
High variety of other alcoholic beverages
such as wine, ciders, hard liquor and trend
towards a consumption of non-alcoholic
beverages rather than alcoholic ones.
Threat of new entrants
Low entry barriers but it changes from one
market place to another. Lots of
microbreweries penetrate the market
everyday but it became very difficult to
compete with AB InBev.

7. 7
The!company’s!global!headquarter!is!located!in!Leuven,!a!city!in!Belgium.!As!AB!InBev!has!divided!its!
market!in!nine!geographic!zones,!it!counts!several!decentralized!zone!headquarters!like!the!one!in!
St.!Louis,!in!the!United!States,!that!is!responsible!for!the!North!American!market.!!
!
Table 3: Market share of AB InBev in the different zones in 2013
Country! Market!share! Country! Market!share!
United!States! 47.2%! Belgium! 56%!
Canada! 40.1%! Germany! 8.8%!
Mexico! 58.4%! United!Kingdom! 17.2%!
Brazil! 67.9%! Russia! 15.1%!
Argentina! 78.5%! China! 14.1%!
Source:!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod!
!
The!leading!company!has!achieved!market!presence!in!over!100!markets!where!it!sells!its!global,!
multi?country! and! local! brands! of! which! there! are! over! 400! since! its! merger! with! SABMiller.!
Obviously,! the! most! well! known! are! global! brands! that! are! Budweiser,! Corona! and! Stella! Artois.!
Thanks! to! the! Budweiser! brand,! AB! InBev! possesses! 42%7
! of! the! premium! market.! Furthermore,!
Budweiser!is!part!of!the!168
!brands!are!able!to!generate!more!than!1$!billion!revenue!a!year.!!
Figure 3. AB InBev World’s Presence Before and After the Merger with SABMiller
!!
Investor!Presentation!(2015).!Building!the!first!truly!global!beer!company.!Retrieved!April!7!2017!from!http://www.ab?
inbev.com/content/dam/universaltemplate/abinbev/pdf/investors/quaterly?
reports/2016/ABInBev_Full_Year_2015_Investor_Presentationt_External.pdf!
!
Growing!its!global!brands!is!one!of!the!four!goals!of!the!company.!The!others!include!premiumizing!
and!invigorating!beer,!elevating!their!core!and!developing!the!near!beer!segment.9
!!
7
!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod.!
8
!AB!InBev,!(2016).!Introductory!presentation.!Retrieved!April!24,!2017,!from!http://www.ab?
inbev.com/content/dam/universaltemplate/abinbev/pdf/investors/15January2016/Anheuser?Busch%20InBev%20–%20Roadshow%20–
%20January%202016.pdf!
9
!AB!InBev!Corporate!

8. 8
To!conclude,!from!the!company!overview,!some!forces!and!weaknesses!were!highlighted!and!from!
the! industry! overview,! some! opportunities! and! threats! were! emphasized! in! the! following! SWOT!
analysis:!
!
Figure 4. AB InBev’s SWOT analysis!
!
!
!
1.3. Strategy overview
!
“Bringing!people!together!for!a!better!world”!is!AB!InBev’s!motto.!It!wants!its!beer!brands!to!bring!
people! together! by! offering! true! experiences,! while! driving! growth! for! the! company.! Their!
diversified!offer!aims!to!adapt!to!everyone’s!preferences.!As!help!to!achieve!this,!the!global!leader!
produces!beers!for!four!different!reasons:!getting!together!to!share!good!times,!finding!the!perfect!
beer!to!accompany!great!meals,!breaking!out!of!the!routine!and!having!a!little!fun!and!finally,!beer’s!
role!in!bars,!clubs,!restaurants.10
!!
!
1.4. Main globalization drivers
!
From! the! very! beginning,! AB! InBev! has! global! ambitions.! It! rapidly! wants! to! conquer! the! world,!
engaging!in!M&As!to!trigger!external!growth.!Establishing!itself!as!global!leader!in!the!light!of!its!
market! presence,! it! avoids! or! even! eliminates! competition.! Finally,! synergies! leading! to! cost!
reduction!are!also!a!main!driver!for!globalization.!!
10
!AB!InBev,!(2016).!Introductory!presentation.!Retrieved!April!24,!2017,!from!http://www.ab?
inbev.com/content/dam/universaltemplate/abinbev/pdf/investors/15January2016/Anheuser?Busch%20InBev%20–%20Roadshow%20–
%20January%202016.pdf!
INTERNAL
STRENGTHS
!
WEAKNESSES
!
EXTERNAL
OPPORTUNITIES
!
THREATS
!
• Global leader of the beer industry: one out
of 3 beers in the market belongs to AB
InBev
• Cost advantages due to lots of synergies
and M&As
• Huge brand portfolio with global,
international and local champions
answering customers’ needs and wants
internationally and locally
• Effective marketing strategy
• Focuses all its efforts only on beer while
consumption trends are moving to other
alcoholic and non-alcoholic beverages
• Massive redundancies linked to M&As
• Higher debt ratio than its competitors
• Further M&As could strengthen the
position of a company
• Possible M&A with one of the top fast
moving consumption goods companies
(Coca-Cola); focusing on other drinks
could allow companies to gain market
share
• Penetrating China that will represent
43% of the world growth up to 2020
• Government and marketing regulations
on alcoholic beverages
• Change in consumption habits leading to
a more healthy lifestyle excluding
alcoholic beverages from one’s diet
• Shift towards a craft beer consumption
and lots of microbreweries enter the
market everyday
• Possible increase of raw materials
prices

9. 9
2. ASSESSMENT OF PAST INTERNATIONALIZATION STRATEGIES OF AB-
INBEV
2.1. AB InBev’s main pillars for a successful integration
!
The!beer!industry!being!highly!competitive,!AB!InBev’s!repeatable!business!has!taken!the!company!
on! a! global! expansion! path! where! mergers! and! acquisitions! serve! as! an! enduring! competitive!
advantage.11
!!!
!
According!to!Laurence!Capron,!professor!of!Strategy!at!INSEAD,!its!is!based!on!three!main!pillars.!
First,! the! company! has! developed! integration! principles! such! as! cost! reduction! recognized! by! its!
leaders!over!the!years.!Second,!the!unique!corporate!culture!of!AB!InBev!“Dream.!People.!Culture”!
relies!on!ten!guidelines!(Appendix!5.1.)!that!are!imposed!on!all!companies!that!it!controls.!Third,!the!
removal! of! iconic! brands,! massive! layoffs! and! rationalization! of! suppliers! at! the! expense! of! the!
development! of! the! local! ecosystem! may! be! consequences! of! AB! InBev’s! unscrupulous!
implementation! strategy.! Many! denounce! the! brutal! nature! of! the! company’s! post! acquisition!
integration.!
!
So! far,! AB! InBev! has! experienced! ten! years! of! mergers! and! acquisitions,! which! has! become! a!
common! practice! in! the! beer! industry! that! is! booming.! The! race! for! size! can! be! explained! by!
important!potential!economic!savings:!business!combinations!allow!companies!to!use!each!other’s!
distribution!channel!and!it!also!enables!a!leverage!effect!on!raw!materials.!Consequently,!synergies!
present!one!of!the!main!reason!for!groupings.!!
!
2.2. Mergers and Acquisitions
!
2.2.1. Interbrew and Ambev
In!March!2004,!Interbrew!and!Ambev!had!announced!their!“merger!of!equals”!that!has!catapulted!
them!to!leader!position!of!the!global!beer!industry!with!14%12
!market!share,!overtaking!long?time!
market!leader!Anheuser?Busch!in!terms!of!volume.13
!The!$11.2!billion!merger!has!benefited!both!
parties!as!it!enabled!them!to!expand!their!markets;!Ambev!and!Interbrew!entered!respectively!the!
North!American!market!and!Latin!America.!Most!importantly!though!remained!Interbrew’s!access!to!
Brazil!as!it!is!one!of!the!fastest?growing!beer!markets!in!the!world.14
!As!a!matter!of!fact,!this!market!
is!expected!to!represent!more!than!9%!of!the!volume!of!the!global!market!by!2020.!Besides,!the!
merger! that! was! expected! to! create! about! $280! million! synergies! had! as! goal! to! dissuade! or!
11
!Martin,!W.!(2017).!Heineken!is!taking!tips!on!how!to!sell!beer!from!an!American!craft!brewer.!Business!Insider.!Retrieved!04!April!2017,!
from!http://uk.businessinsider.com/interview?with?heineken?cfo?laurence?debroux?on?its?partnership?with?lagunitas?2016?2!
12
!AmBev!Agrees!to!Merge!with!Interbrew.!(2017)!Bloomberg.com.!Retrieved!7!April!2017,!from!
https://www.bloomberg.com/news/articles/2004?03?02/ambev?agrees?to?merge?with?interbrew!
13
!Cordes,!R.!(2004).!Interbrew!buys!Brazilian!brewer.!Retieved!7!April!2017,!from!http://search.proquest.com/docview/220351451?pq?
origsite=summon!
14
! Smith,! S.! (2017).!Interbrew! Said! to! Be! Near! Deal! for! Brazil! Brewer.!Nytimes.com.! Retrieved! 7! April! 2017,! from!
http://www.nytimes.com/2004/03/02/business/interbrew?said?to?be?near?deal?for?brazil?brewer.html?_r=0!

10. 10
eliminate!potential!competition!present!in!these!markets.!Beck,!Stella!Artois!and!Brahma!became!
the!leading!global!brands!while!other!specialty!and!local!brands!were!strengthened.15
!!
!
As! a! result,! all! three! brands! were! ranked! in! the! top! 2016
! beer! brands! after! the! merger.! Also,!
InterbrewAmbev! –! as! the! new! company! had! been! called! –! adopted! number! one! or! number! two!
positions! in! 1517
! markets! in! the! world,! with! its! headquarters! staying! in! Leuven,! Belgium.18
! This!
strategic!move!had!considerably!accelerated!the!pace!of!consolidation!in!the!industry.!
2.2.2. Anheuser-Busch and InBev
In! 2008,! InBev! merged! with! Anheuser?Busch! for! a! total! amount! of! $52! billions19
! and! became!
Anheuser?Busch!InBev,!the!world’s!largest!brewer!with!20,17%20
!market!share!surpassing!its!closest!
competitor! at! that! time! SABMiller.! It! allowed! the! merging! entity! to! strengthen! and! enlarge! its!
geographical!presence!benefiting!from!the!expertise!of!both!previous!companies!in!their!respective!
markets.! Moreover,! important! synergies! emerged! from! this! strategic! move! leading! to! significant!
cost?savings!since!approximately!$1,521
!million!synergies!were!expected!for!2011.!Finally,!it!helped!
pushing!brands!through!the!distribution!channels!in!a!more!effective!way.22
!
!
The! combination! added! the! well?known! American! beer! Budweiser! to! AB! InBev’s! global! brands!
portfolio.!The!merging!entity!was!supposed!to!generate!a!quarter!of!the!world!total!beer!volume!
and!to!trigger!revenues!of!at!least!$36,4!billions.23
!The!cross?cultural!merger!boosted!the!entity!in!
the!top!5!of!fast!moving!consumer!goods!companies!alongside!Procter!&!Gamble,!PepsiCo,!Nestlé!
and!Unilever.24
!
2.2.3. Acquisition of Grupo Modelo
!
Four!years!after!the!merger!of!Anheuser?Busch!and!InBev,!AB!InBev’s!executives!put!$2025
!billions!on!
the! table! as! they! had! identified! new! cost! and! revenue! benefits! resulting! in! $1! billion26
! synergies!
which!could!derive!from!the!full!control!of!Grupo!Modelo,!the!largest!brewery!of!Mexico!and!holder!
15
! Cioletti,! J.! (2015).! A! new! global! giant! is! born.! Retrieved! 7! April! 2017! from!
http://web.b.ebscohost.com/ehost/detail/detail?sid=d53b2f3b?8725?4b21?a8d4?
46f40e491d51%40sessionmgr103&vid=0&hid=116&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#AN=12814222&db=buh!
16
! Rissingh,! D.! (2017).! Interbrew! and! AmBev! merge! to! create! biggest! brewer.! Telegraph.co.uk.! Retrieved! 7! April! 2017,! from!
http://telegraph.co.uk/finance/2878842/Interbrew?and?AmBev?merge?to?create?biggest?brewer.html!!
17
!Ibid!
18
! ! Interbrew! buys! AmBev! and! becomes! world! number! one.! Retrieved! 6! April! 2017,! from!
http://www.beveragedaily.com/Manufacturers/Interbrew?buys?AmBev?and?becomes?world?number?one.!
19
!Beer!monster.!(2015,!September!19).!Retrieved!April!24,!2017,!from!http://www.economist.com/news/business/21665074?ab?inbev?
may?combine?sabmiller?flat?market?big?beer?brands?beer?monster!
20
! Vipul! Sonavane,! Business! Analyst! at! HSBC! Follow.! (2013,! October! 29).! Ab! inbev! m&a.! Retrieved! April! 24,! 2017,! from!
https://www.slideshare.net/VipulSonavane/ab?inbev?ma?team?4!
21
!Anheuser?Busch!InBev!ADR.!(n.d.).!Retrieved!April!24,!2017,!from!http://www.boursier.com/actions/actualites/news/anheuser?busch?
inbev?adr?US03524A1088,US.html!
22
! Merced,! M.! J.! (2008,! July! 13).! Anheuser?Busch! Agrees! to! Be! Sold! to! InBev.! Retrieved! April! 7,! 2017,! from!
http://www.nytimes.com/2008/07/14/business/worldbusiness/14beer.html!
23
!Point,!M.!L.!(n.d.).!Archives.!Retrieved!April!9,!2017,!from!http://www.lepoint.fr/actualites/2008?07?14/inbev?rachete?anheuser?busch?
pour?52?milliards?de?dollars/1037/0/260350!
24
!Ibid!
25
!Beer!monster.!(2015,!September!19).!Retrieved!April!24,!2017,!from!http://www.economist.com/news/business/21665074?ab?inbev?
may?combine?sabmiller?flat?market?big?beer?brands?beer?monster!
26
! I.! (2013,! June! 04).! Anheuser?Busch! InBev! a! finalisé! l'acquisition! de! Grupo! Modelo.! Retrieved! April! 7,! 2017,! from!
https://investir.lesechos.fr/actions/actualites/anheuser?busch?inbev?a?finalise?l?acquisition?de?grupo?modelo?
885299.php#bQVsVz1GfaWHdC7s.99!

11. 11
of! the! already! global! and! promising! Corona! brand.27
! The! acquisition! had! among! its! purposes! to!
confirm!AB!InBev’s!strategic!vision,!strengthen!it!leader!position!on!the!global!beer!market,!holding!
from!then!on!five!out!of!six!of!the!best?selling!beer!brands.28
!
2.2.4. Acquisition of SABMiller
!
Monday!the!10th!of!October!2016,!AB!InBev!merged!with!SABMiller!to!form!the!first!truly!global!
brewer,!representing!the!third!largest!takeover!in!corporate!industry.!The!combined!entity,!that!is!
since!that!day!responsible!for!one!out!of!three!beers!sold!all!around!the!globe29
,!should!generate!
annual!revenue!of!roughly!$55!billion30
!on!a!pro?forma!basis.!Several!motives!are!behind!this!$103!
billion31
!transaction.!!
!
First,! it! opens! the! door! to! the! African! market! that! represents! a! main! driver! of! growth! for! the!
company,!and!reinforces!the!combined!company’s!worldwide!footprint.!Indeed,!whereas!AB!InBev’s!
presence! in! Africa! was! negligible,! SABMiller! ?! literally! South! African! Breweries! –! dominated! this!
market!by!far!by!volume!share!with!38,8%32
,!generating!nearly!one!third33
!of!its!profits.!Moreover,!it!
strengthens! AB! InBev’s! position! on! the! South! American! market,! especially! in! Colombia! and! Peru.!
Emerging! markets! are! a! particularly! interesting! target;! the! middle! class! is! expanding! in! these!
countries!translating!into!an!increase!of!beer!consumption.!Furthermore,!low!levels!of!penetration!
for! the! premium! beer! segment! are! being! observed! in! South! America! although! the! average!
disposable!income!grew!these!last!years.!It!turns!out!that!SABMiller!precisely!adopted!a!premium!
brand!positioning.34
!This!merger!allows!the!Belgo?Brazilian!brewer!to!raise!its!sales!volume!thanks!to!
the!boom!of!beer!consumption!in!emerging!markets.!It!will!also!lead!it!to!an!increase!in!its!profits!
thanks!to!a!better!positioning!on!the!premium!beer!segment.35
!!
!
Second,!to!not!damage!AB!InBev’s!cost!savings!reputation,!this!merger!of!equal!is!expected!to!trigger!
important!synergies,!approximately!$1,4!billion36
!savings!annually.!!!
Finally,! it! consolidates! AB! InBev’s! 5th! ranking! among! the! world’s! leading! consumer! products!
companies!in!terms!of!revenues.!
!
27
!Financial!Times.!(n.d.).!Retrieved!April!8,!2017,!from!https://www.ft.com/content/1aada18a?c1da?11e1?8e7c?00144feabdc0!
28
! I.! (2013,! June! 04).! Anheuser?Busch! InBev! a! finalisé! l'acquisition! de! Grupo! Modelo.! Retrieved! April! 7,! 2017,! from!
https://investir.lesechos.fr/actions/actualites/anheuser?busch?inbev?a?finalise?l?acquisition?de?grupo?modelo?
885299.php#bQVsVz1GfaWHdC7s.99!
29
!Beer!monster.!(2015,!September!19).!Retrieved!April!24,!2017,!from!http://www.economist.com/news/business/21665074?ab?inbev?
may?combine?sabmiller?flat?market?big?beer?brands?beer?monster!
30
! Bray,! C.! (2016,! September! 27).! Merger! of! Anheuser?Busch! InBev! and! SABMiller! Faces! Final! Hurdle.! Retrieved! April! 8,! 2017,! from!
https://www.nytimes.com/2016/09/28/business/dealbook/merger?of?anheuser?busch?inbev?and?sabmiller?faces?final?hurdle.html?_r=0!
31
! Buckley,! T.! (2016,! September! 28).! Anheuser?Busch! InBev! Clinches! $103! Billion! SABMiller! Deal.! Retrieved! April! 4,! 2017,! from!
https://www.bloomberg.com/news/articles/2016?09?28/sabmiller?investors?give?go?ahead?for?103?billion?megabrew?deal!
32
!Global!Beer!Consumption!Statistics!and!Trends.!(n.d.).!Retrieved!April!7,!2017,!from!http://visual.ly/global?beer?consumption?statistics?
and?trends!
33
!Beer!monster.!(2015,!September!19).!Retrieved!April!24,!2017,!from!http://www.economist.com/news/business/21665074?ab?inbev?
may?combine?sabmiller?flat?market?big?beer?brands?beer?monster!
34
! Great! spectaculations.! (2014).! Anheuser?Busch! InBev:! What! The! SABMiller! Acquisition! Could! Mean.! Retrieved! ! from!
https://www.forbes.com/sites/greatspeculations/2014/09/18/anheuser?busch?inbev?what?the?sabmiller?acquisition?could?
mean/#1c4caea23c49!
35
!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod.!!
36
! Buckley,! T.! (2016,! September! 28).! Anheuser?Busch! InBev! Clinches! $103! Billion! SABMiller! Deal.! Retrieved! April! 24,! 2017,! from!
https://www.bloomberg.com/news/articles/2016?09?28/sabmiller?investors?give?go?ahead?for?103?billion?megabrew?deal!

12. 12
To!overcome!antitrust!issues,!the!combined!entity!signed!several!agreements!to!sell!assets!to!obtain!
regulators’!approval.!SABMiller!had!to!give!up!on!its!partnership!with!MillerCoors!in!the!USA!and!had!
to!sell!its!equity!interest!in!CR!Snow!in!China!among!others.37
!
!
2.3. Internationalisation strategy
!
In! this! industry! where! the! competitive! climate! is! intense,! companies! have! no! other! choice! than!
engaging!in!mergers!and!acquisitions!to!win!market!share.!Behind!AB!InBev’s!internationalization!
process!hides!an!external!growth!strategy.!The!company’s!global!ambition!is!to!be!the!main!global!
player!of!the!industry.!To!this!end,!AB!InBev!acquired!strategic!groups!to!increase!its!global!reach!
and!its!competitive!positioning.!Hence,!the!acquisition!of!Grupo!Modelo!led!AB!InBev!to!a!leading!
position!in!Mexico.!Its!presence!in!the!latter!country!is!essential!given!that!EBITDA!margin!in!Mexico!
is! at! least! 15! percentage! points! (between! 46! et! 52%)! higher! than! the! company! average! EBITDA!
amounting!to!40%38
.!AB!InBev!merger!with!SABMiller!conducted!the!company!to!gain!substantial!
market! share! in! Africa! where! its! presence! was! until! then! completely! insignificant.! In! addition! to!
these!two!added!value!triggered!by!its!mergers!and!acquisitions,!horizontal!mergers!and!acquisitions!
such!as!the!merger!with!Anheuser?Busch!are!particularly!interesting!for!purposes!of!consolidation.!It!
allows!the!global!combined!entity!to!benefit!from!synergies!and!economies!of!scale!from!the!sharing!
of!means!of!production!but!more!importantly!distribution!network.!In!ten!years,!AB!InBev’s!EBITDA!
increased!by!an!average!annual!growth!rate!of!38%!between!2000!and!201039
.!
!
AB!InBev!seems!to!hold!a!winning!formula!in!its!hands.!Mergers!and!acquisitions!give!rise!to!a!high!
speed! of! entry! in! a! new! market,! a! high! market! penetration! and! a! high! control! of! the! market!
benefiting!from!the!acquired!or!merged!company’s!expertise!and!knowledge!over!its!customer!base.!
Comparing!AB!InBev’s!volume!growth!rate!between!2009!and!2014!with!the!global!market!volume!
growth,!one!can!observe!that!this!entry!mode!speeds!up!AB!InBev’s!growth!up.!On!top!of!that,!it!
deeply!demonstrates!that!the!world’s!first!global!brewer’s!growth!strategy!uses!M&A!to!increase!its!
capacity!for!growth!instead!of!organic!growth.!!!
!
Figure 5. AB InBev World’s Presence Before and After the Merger with SABMiller
!
!
!
!
!
!
!
!
!
!
!
37
! Bray,! C.! (2016,! July! 29).! Anheuser?Busch! InBev! Merger! With! SABMiller! Advances.! Retrieved! April! 4,! 2017,! from!
https://www.nytimes.com/2016/07/30/business/dealbook/china?beer?anheuser?busch?inbev?sabmiller.html?_r=0!
38
!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod.!!
39
! Allen! J.,! Zook! C.! (2012)! The! strategic! principles! of! repeatability.! Retrieved! April! 4,! 2017,! from!
http://www.bain.com/publications/articles/the?strategic?principles?of?repeatability.aspx!
0!
2!
4!
6!
8!
10!
12!
2009?2010! 2010?2011! 2011?2012! 2012?2013! 2013?2014!
AB!InBev!Volume!Growth! Global!Market!Volume!Growth!
%!y?o?y!Volume!Growth!

13. 13
Even! though! mergers! and! acquisitions! require! a! substantial! upfront! financial! but! also! managerial!
investment,!it!does!not!represent!a!drawback!of!this!entry!mode!for!AB!InBev.!Indeed,!despite!that!it!
resulted!in!a!higher!debt!ratio!for!AB!InBev!than!its!competitors40!
,this!can!be!seen!as!a!positive!debt!
when!taking!into!account!the!added!value!and!the!competitive!positioning!that!these!mergers!and!
acquisitions!brought!to!the!initial!company.!Moreover,!AB!InBev’s!strong!desire!to!impose!its!culture!
to!the!entities!that!merged!with!it!leads!to!successful!post?acquisition!phases.!
!
The!main!players!in!the!beer!industry!are!now!present!on!every!continent,!after!being!established!
first!in!Europe!or!in!the!United!States.!This!implies!a!dual!suggestion;!first,!more!emphasis!should!be!
placed!on!emerging!markets!that!offer!growth!opportunities!since!beer!consumption!experiences!
steady!increases!and!second,!a!higher!focus!should!be!given!to!premium!brands!like!flavored!beer!
brands! that! are! mainly! offered! in! developed! countries! where! consumption! is! stable! or! even!
decreasing.!
!
As!other!global!players,!AB!InBev!adopted!a!glocal!strategy,!which!refers!to!the!“think!global,!act!
local”!strategy.!In!other!words,!the!company!uses!its!global!experiences!to!design!their!products!in!
an! appealing! way! for! local! consumers.! As! such,! the! company! counts! several! international,! multi?
country!and!local!brands!in!its!product!portfolio,!resulting!in!a!higher!choice!for!its!customers.!One!
the! one! hand,! AB! InBev! works! hard! to! bring! its! three! global! brands! (Corona,! Stella! Artois! and!
Budweiser)!all!around!the!world.!On!the!other!hand,!some!factors!such!as!cultural!differences!are!
pushing!against!globalisztion!reminding!that!the!world!is!not!flat.!To!overcome!this!issue,!AB!InBev!
holds!under!its!company!name!several!local!champions!fully!adapted!to!the!needs!and!wants!of!the!
locals!and!their!very!specific!culture.!Global!presence!and!the!benefits!of!flexibility,!proximity!and!
quick! response! time! characterizing! a! localization! strategy! are! both! essential! for! the! first! global!
brewer!to!strengthen!and!expand!even!more!its!business!model!around!the!globe.!
!
2.3.1. Comparison of AB InBev with its closest competitor: Heineken
Since!the!merger!announcement!of!AB!InBev!with!SABMiller,!the!newly!formed!company!has!clearly!
acquired!a!leader!position!on!the!beer!market.!Main!competitors!include!Heineken!and!Carlsberg,!
despite!their!much!smaller!size.!Even!before!the!merger,!in!2013,!AB!InBev!alone!owned!more!than!
twice! the! market! share! of! Heineken.! Nevertheless,! Heineken! dominates! the! Australian! market!
where!it!counts!17.3%41
!market!share!and!the!West!European!markets!with!17.3%!market!share!as!
well.!
It!appears!that!Heineken!puts!more!emphasis!on!marketing!than!AB!InBev.!As!a!matter!of!fact,!the!
Dutch! company! and! AB! InBev! have! invested! respectively! 12%42
! and! 13%43
! of! their! turnover! for!
marketing!purposes!over!the!reference!period!from!2008!to!2013.!As!AB!InBev’s!turnover!is!almost!
twice! the! turnover! of! Heineken,! one! can! conclude! that! Heineken! focuses! more! on! marketing,!
despite!strict!marketing!rules.!
40
!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod!
41
!Ibid!
42
!Ibid!
43
!Ibid!

14. 14
The!Dutch!competitor!Heineken!adopts!three!main!strategies!to!survive!in!this!highly!competitive!
market.!First!and!foremost,!the!company!heavily!relies!on!its!flagship!product!which!is!none!other!
than!the!Heineken!beer!itself.!In!2013,!it!represented!only!15%!of!beer!volumes!sold!by!the!group,!
while!generating!one!third!of!its!profits.44!
This!contributes!to!its!leadership!position!in!the!premium!
segment.!
Second,! the! Dutch! competitor! segments! its! population! into! different! categories.! Beers! like!
Desperados!for!instance!target!urban!consumers!between!the!ages!of!20!to!30!that!are!outgoing.!!
Third,! as! AB! InBev,! it! has! implemented! a! “think! global,! act! local”! strategy.! Some! brands! are!
international,!others!are!local.!Hence,!Heineken!can!develop!a!large!product!portfolio!where!each!
brand! targets! a! specific! kind! of! clients.! It! also! produces! cider.! Despite! the! identical! strategy,!
Heineken!only!possesses!two45
!“one!billion!dollars”!brands,!as!compared!to!AB!InBev!that!count!16!
in!its!product!portfolio.!For!its!part,!Carlsberg!has!none.!!
In!any!case,!Heineken!operates!with!more!brands!in!a!larger!number!of!countries.!Nevertheless,!the!
merger!of!AB!InBev!and!SABMiller!will!overtake!Heineken!at!least!in!terms!of!the!number!of!brands.!
Both!companies!have!different!approaches!regarding!internationalisation.!To!strengthen!its!position!
on! the! market! and! to! build! a! profile! abroad,! Heineken! first! opted! for! an! export?based! strategy!
before!moving!gradually!towards!a!local!production!strategy.!!
As!it!was!first!established!150!years!ago,!Heineken!started!selling!in!and!around!Amsterdam.!Rapidly,!
it! seized! exportation! opportunities! leading! to! a! business! combination! with! Oranjeboom,! another!
Dutch!brewery.!This!announced!the!beginning!of!the!switch!towards!local!production.!It!first!started!
in! Singapore! in! 1931,! where! Heineken! entered! a! Joint! Venture! with! a! soft! drink! producer! to! get!
closer!to!modern!India,!its!main!export!market.!!
Since!the!1950s,!Heineken!follows!a!double!track!policy:!on!the!one!hand,!it!continues!exporting!
from!the!Netherlands!to!countries!like!the!United!States!where!only!imported!Heineken!are!sold,!
and! on! the! other! hand,! it! keeps! buying! stakes! in! local! brewers.! This! internationalisation! strategy!
made!Heineken!the!world’s!most!international!brewer,!possessing!a!global!network!of!distributors,!
owning!115!breweries!in!more!than!65!countries.!
The!merger!between!AB!InBev!and!SABMiller!clearly!isolates!Heineken!and!Carlsberg!in!the!brewing!
industry.! Nevertheless,! the! group! had! to! give! up! their! shares! in! different! companies! that! now!
present!growth!opportunities!for!the!challengers!Heineken!and!Carlsberg.!!!
44
!Burg,!D.!(2013,!November!22).!Heineken,!ses!trois!recettes!pour!abreuver!le!monde.!Retrieved!April!4,!2017,!from!
https://business.lesechos.fr/directionsQgenerales/strategie/developpementQinternational/0203138681422QheinekenQsesQtroisQrecettesQ
pourQabreuverQleQmondeQ57157.php?LHy2YrfrH5wsiblX.99
45
!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod!

15. 15
Table 4: Comparison of AB InBev with Heineken
! AB!InBev! Heineken!
Turnover!in!2015!(in!
billions)!
43,604! 20,511!
EBITDA!in!2015!(in!
billions)!
$!17,057! €!2,034!
Number!of!brands! Around!400!since!the!merger! More!than!250!
Structure!of!the!
company!
Geographical!model! Geographical!model!
Global!ambition!
Market!driving!
Active!worldwide!
Consumer/Innovation!driven!
Active!worldwide!
Global!positioning!
Targeting!nearly!all!segments!
Repeatable!business!model!
Targeting!nearly!all!segments!
Repeatable!business!model!
Global!organisation! Global!value!chain! Global!value!chain!
Drivers!for!
globalisation!
Synergies,!external!growth,!
market!presence,!competition!
reduction!
External!growth,!market!presence!
Marketing!mix!
Product:!Beer,!soft!drinks!
Place:!Retailers,!bars,!party!places!
Promotion:!Lower!focus!on!
marketing!
Price:!lowest!possible!price!
Product:!Beer,!cider,!soft!drinks!
Place:!Retailers,!bars,!party!places!
Promotion:!Focus!on!marketing!
Price:!higher!price!to!keep!a!
“gentlemen!beer”!
Positioning!
Bringing!people!together!for!a!
better!world:!accountability,!
integrity,!continual!improvement!
and!a!mind?set!of!doing!the!right!
thing!for!the!long!term!
We!Are!Heineken:!passion!for!
quality,!enjoyment!of!life,!respect!for!
people!and!the!planet!
Segmentation!
Behaviouristic,!demographic,!
geographic,!psychographic!
Behaviouristic,!demographic,!
geographic,!psychographic!
Innovation!
Global!innovation!Centre!in!
Leuven,!Belgium!
Innovation!space!for!co?creation!
!
3. INTERNATIONALIZATION STRATEGY RECOMMENDATIONS
The! African! market! and! the! Asia! Pacific! market! will! play! major! roles! in! the! generation! of! new!
revenue!and!the!creation!of!growth!for!AB!InBev.!The!first!one!has!been!untapped!for!long!before!
the!merger!with!SABMiller.!Then,!the!Asia!Pacific!market!and!particularly!China!represent!a!huge!
potential!of!growth!for!the!world’s!leading!brewer.!Indeed,!the!population!of!this!part!of!the!world!is!
non?negligible!as!it!represents!alone!more!than!a!half!of!the!world!population!and!will!account!for!
46%! of! the! world! population! growth! between! 2014! and! 2025.! On! top! of! that,! Asia! Pacific! is! the!
largest!region!in!the!beer!industry!in!terms!of!volume!consumed,!and!will!be!responsible!for!53%!of!
the!growth!between!2014!and!2025.!
Regarding!the!Asia!Pacific!market,!AB!InBev’s!strategy!will!first!focus!on!China!for!several!reasons.!
First,!China!represents!37%!of!Asia!Pacific’s!population!and!is!the!largest!economy!in!the!region,!

16. 16
representing!43%!of!the!region’s!GDP46
.!Second,!it!is!the!largest!beer!market!in!the!world.!Beer!is!the!
most!widely!consumed!beverage!in!this!country!right!after!tea.!The!beer!market!accounts!for!66%!of!
the!Asia!Pacific!industry.!The!Chinese!market!is!expected!to!provide!31%!of!the!world!volume!growth!
in!the!next!ten!years.!The!Chinese!beer!market!largely!surpassed!the!American!market!in!terms!of!
sales!volume!in!2002!and!is!to!this!day!roughly!twice!its!size.!On!the!other!hand,!the!Chinese!market!
lacks!behind!the!American!market!in!terms!of!value!by!21%!in!2013.47!
It!is!mainly!because!of!the!!
penetration!of!local!low?cost!beers!and!value!brands!that!are!higher!in!China!than!it!in!the!United!
States.!According!to!Euromonitor,!while!sales!of!lager!beers!amount!to!only!one!fourth!of!the!net!
volumes!in!the!US!in!2013,!this!segment!constitutes!over!80%!of!the!net!volume!in!China.48
!Low?
priced!beer!being!quite!popular!in!China,!it!still!represents!an!opportunity!of!revenue!growth!for!
brewers! all! around! the! globe.! However,! growth! in! disposable! income! and! the! upcoming! trend!
relative!to!the!premium!beer!segment!could!lead!emerging!beers!lovers!to!trade!up!low?priced!beer!
for!premium!beer,!triggering!higher!margin.49
!In!addition,!in!recent!years!the!growth!of!premium!
beer!(5,5%)!surpasses!the!growth!of!standard!beer!(4%)!in!Asia!Pacific.50
!!
Figure 6. Two opportunities of Development for AB InBev’s future strategy
!
!
!
!
!
!
!
!
!
The!Chinese!internal!diversity!makes!AB!InBev’s!expansion!challenging!in!this!market.!To!capture!
growth! potential! represented! by! the! growing! Chinese! middle! class! and! because! China! clusters! a!
wide! range! of! different! cultures,! AB! InBev! should! look! beyond! averages! and! adapt! its! strategy!
depending!on!the!geographical!location,!the!desired!target!and!the!distribution!channel.!Therefore,!
to!win!nationally!in!premium,!thus!in!value!while!expanding!and!increasing!its!leadership!province!by!
province,!here!in!volume,!the!company!will!have!to!play!on!two!growth!engines.!!
46
!See!Appendix!6.1.!
47
! Great! Speculations.! (2017).! China! Is! Key! To! AB! InBev's! Asia! Growth! Prospects.! Forbes.com.! Retrieved! 3! April! 2017,! from!
https://www.forbes.com/sites/greatspeculations/2015/01/16/china?is?key?to?ab?inbevs?asia?growth?prospects/#7b3326472df2
48
!Ibid!
49
! Jingxi,! X.! (2017).!AB! InBev! optimistic! about! growth.!Chinadaily.com.cn.! Retrieved! 1! April! 2017,! from!
http://www.chinadaily.com.cn/business/2017?01/14/content_27952858.htm!
50
!Calmé,!I.,!&!Polge,!M.!(2015).!11!cas!de!stratégie:!études!de!cas!d'entreprises!avec!corrigés!détaillés.!Paris:!Dunod!

17. 17
The!first!growth!engine!is!the!premiumization.!The!Chinese!beer!industry!is!evolving.!Today,!there!is!
a!need!to!provide!a!solution!for!a!new!kind!of!craving.!Generation!Y!accounts!for!almost!one!third!of!
the!world!largest!country’s!population!and!this!generation!shifts!towards!a!consumption!of!flavored!
alcoholic!beverages,!ciders!and!more!importantly!towards!imported!premium!beers.!Moreover,!the!
number!of!urban!middle!and!affluent!class!consumer!households!will!grow!from!approximately!35%!
representing! 102! million! in! 2014! to! roughly! 75%! accounting! for! 299! million! of! the! total! Chinese!
population!in!203051
.!These!categories!of!people!are!more!prone!to!consume!premium!beers.!!AB!
InBev!already!understood!the!importance!of!the!premium!trend!with!its!continuous!focus!on!the!
development!of!the!position!of!its!global!brand!Budweiser!on!the!Chinese!market.!AB!InBev!has!to!
look!for!organic!growth!in!this!market!mainly!in!terms!of!growth!in!revenue!per!unit!case.!Given!the!
company! positioning! on! the! premium! segment! and! the! rising! middle! class,! demand! for! premium!
beers!such!as!Budweiser!and!Harbin!Ice!could!grow!even!further.!On!top!of!that,!AB!InBev!has!to!
deepen!this!growth!opportunity!in!order!to!avoid!suffering!from!the!forthcoming!growth!decline!in!
the!Core+!and!the!Core!&!Value52
!segments.!!
!
Table 5. Industry Growth per Beer Segment
!
!
!
!
!
!
!
!
!
Staley,!G.!(2015).!Asia!Pacific.!1st!ed.!Boston.!
!
The! development! of! the! Super! Premium! segment! characterized! by! quality! beers! at! high! price!
appears! as! an! evidence! in! the! light! of! the! recent! market! and! demographic! trends.! Although! the!
share! of! Super! Premium! beers! consumed! is! relatively! low! amounting! to! 0,2%! of! the! total! beer
volume!in!China,!this!segment!provides!a!growth!opportunity!that!could!trigger!margin!nine!times!
higher! than! what! the! Core&Value! segment! does.53
! From! the! latter! perspective,! the! beer! giant!
decided!to!introduce!its!global!beer!Corona!in!China!last!August,!to!strengthen!its!premium!portfolio!
in!this!market.!!
!
Another!strategy!could!be!adopted!to!consolidate!AB!InBev!position!on!the!premium!segment!that!
could!be!called!“win!with!the!winners”.!Indeed,!craft!beer!is!not!only!a!growth!driver!but!it!is!also!a!
generator!of!revenue..!Over!the!past!decade,!craft!brews!grabbed!20%54
!of!North!American!market!
in!value!largely!at!the!expense!of!mass?produced!lagers!such!as!AB!InBev’s!Budweiser!and!Bud!Light.!
Last!year,!AB!InBev’s!North!American!sales!decreased!by!2%!and!more!importantly!Budweiser!sales!
51!Staley,!G.!(2015).!Asia!Pacific.!1st!ed.!Boston.!
52!Those!segments!are!composed!of!basic!low!priced!lager!beer!and!regional!brands.!
53!Staley,!G.!(2015).!Asia!Pacific.!1st!ed.!Boston.!
54
Heimer,! M.! (2017).!Why! the! Craft! Beer! Battle! Just! Moved! to! China.!Fortune.com.! Retrieved! 1! April! 2017,! from!
http://fortune.com/2017/03/16/craft?beer?china/
!
!! Industry!Growth!
!! 2012! 2013! 2014! 2015!
Super!Premium! 69.7%! 23.1%! 35.0%! 30.5%!
Premium! 11.5%! 11.5%! 10.6%! 10.0%!
Core+! 10.8%! 12.1%! 6.0%! 4.8%!
Core!&!Value! ?4.3%! 0.0%! ?8.8%! ?9.0%!
Total! ?0.6%! 3.2%! ?4.2%! ?4.5%!

18. 18
have! taken! the! biggest! hit! dropping! by! 35%! since! 200855
.! AB! Inbev! had! to! catch! up! by! simply!
acquiring!other!companies!or!by!buying!majority!stakes!in!craft!brewers!to!purchase!the!growth!that!
it!is!no!longer!generating!organically.!
AB!InBev!has!to!ensure!that!it!does!not!miss!out!China’s!craft!boom!as!it!missed!the!one!in!America.!
To!this!end,!AB!InBev!must!build!awareness!around!some!imported!crafted!beers!from!its!current!
portfolio! through! negotiations! with! local! distributors! in! cities! carefully! selected! for! their! high!
concentration!of!Middle!and!Affluent!population!classes.!Furthermore,!AB!InBev!could!strengthen!its!
distribution!network.!It!could!also!consolidate!its!portfolio!of!local!champions!by!buying!some!local!
crafted!beer!with!an!already!well?established!position!in!the!targeted!market!(Boxing!Cat).!AB!InBev!
has!to!take!advantage!of!regulations!that!are!disproportionately!in!favor!of!the!biggest!players.!In!
the!United!States,!it!is!forbidden!for!a!brewer!to!hold!a!monopoly!on!the!beers!sold!in!a!specific!bar!
for!example.56
!In!China,!brewers!own!bars!and!control!some!distributors.!Perhaps!more!striking!is!
that,!while!Chinese!brewers!have!to!respect!thoroughly!very!restrictive!rules!regarding!quality,!this!is!
not!applicable!for!the!big!players!that!already!control!the!global!market!and!import!beers!in!this!
region.!To!sum!up,!because!beer!is!part!of!the!few!markets!in!which!China!discriminates!its!local!
producers!in!favor!of!foreign!breweries,!AB!InBev!has!to!use!this!advantage!for!its!own!benefit.!
!
The! second! growth! engine! is! the! expansion! of! AB! InBev! leadership! province! by! province.! The!
recommendation! here! is! to! penetrate! new! Chinese! provinces! through! lager! beers! already! well!
known!and!positioned!in!the!market!such!as!the!Harbin.!On!the!other!hand,!AB!InBev!could!also!
increase!its!penetration!rate!in!China!by!acquiring!some!small!regional!brewers!with!an!already!well?
established! distribution! network,! especially! in! tier! 2! and! 3! cities.! This! would! help! AB! InBev! to!
increase! its! sales! volume! by! leveraging! the! expertise! that! the! small! local! brewers! hold! over! the!
market.!Despite!the!strong!competitive!environment!and!the!volume!slowdown!in!provinces!where!
the!beer!consumption!rate!is!above!the!Chinese!average,!there!are!still!some!growth!opportunities57
.!
Indeed,! AB! InBev! has! to! benefit! from! the! urbanization! that! will! drive! up! beer! consumption! in!
provinces! with! per! capita! consumption! below! the! Chinese! average! representing! 45%58
! of! the!
Chinese!beer!market.59
!
!
The!merger!with!SABMiller!played!a!major!role!in!AB!InBev’s!penetration!not!only!in!the!African!
market!but!also!in!other!markets.!
!
55
! Cendrowski,! S.! (2017).!AB! InBev:! Budweiser’s! Owner! Is! China’s! New! Craft! Beer! Bully.!Fortune.com.! Retrieved! 16! April! 2017,! from!
http://fortune.com/2017/03/16/china?craft?beer?ab?inbev/!
56
! Cendrowski,! S.! (2017).! AB! InBev:! Budweiser’s! Owner! Is! China’s! New! Craft! Beer! Bully.! Fortune.com.! Retrieved! 16! April! 2017,! from!
http://fortune.com/2017/03/16/china?craft?beer?ab?inbev/
57
!See!Appendix!6.6.!
58
!Staley,!G.!(2015).!Asia!Pacific.!1st!ed.!Boston.
!
59
!See!Appendix!6.3.!

19. 19
Figure 7. SABMiller Revenue and EBITDA by geography!
!
!
!
!
!
!
!
!
!
Investor!Presentation!(2015).!Building!the!first!truly!global!beer!company.!Retrieved!April!7!2017!from!http://www.ab?
inbev.com/content/dam/universaltemplate/abinbev/pdf/investors/quaterly?
reports/2016/ABInBev_Full_Year_2015_Investor_Presentationt_External.pdf!
!
AB!InBev!foresees!high!rises!in!beer!consumption!in!Africa,!resulting!in!a!very!interesting!market!in!
the!future!compared!to!Europe!or!North!America.!The!group!expects!Africa’s!beer!volume!to!grow!
by!44%60
!between!2014!and!2025,!which!is!close!to!three!times!the!global!rate.!Prior!to!the!merger,!
AB!InBev!did!not!have!a!real!entry!to!the!African!market!but!the!group!now!operates!in!31!countries!
in! the! new! targeted! continent.! But! the! market! is! clearly! based! on! a! future! opportunity! since!
consumers!in!some!of!those!countries!drink!an!average!of!less!than!10!litres!of!beer!per!head!a!year.!
Ricardo!Tadeu,!AB!InBev’s!Zone!President!for!Africa61
,!believes!this!number!can!be!increased!to!46!to!
65!litres!average!depending!on!the!country,!aiming!thus!at!the!45!litres!world!average.62
!These!are!
quantities! that! are! already! achieved! in! some! African! countries! such! as! Namibia,! Gabon,! Congo,!
Botswana!or!South!Africa.63
!But!this!is!not!the!case!for!most!other!countries!in!the!continent!and!
approximately!65!million!people!are!due!to!reach!the!legal!drinking!age!by!2023!which!of!course!
means!a!large!portion!of!potential!customers.³!
!
InBev!found!the!perfect!open!gate!to!the!African!beer!market!by!buying!SABMiller.!To!have!a!better!
understanding! of! this! opportunity,! it! is! interesting! to! look! at! SABMiller's! history.! The! company! is!
originally! from! Africa! with! a! group! of! smaller! beer! manufacturers! who! formed! the! South! African!
Breweries!Group!(SAB).!They!then!based!the!company!in!London!and!bought!a!large!American!beer!
company! called! Miller! and! formed! SABMiller.64
! By! merging! SABMiller! into! its! business! units,! AB!
InBev!assures!itself!a!large!panel!of!physical!facilities,!thanks!to!synergy!opportunities!of!combining!
resources! and! cutting! costs! through! best! practice! sharing! and! suppressing! overlapping! regional!
headquarters,!but!also!major!knowledge!about!the!market,!taking!advantage!of!SAB’s!experience!in!
the!continent.!!!
!
60
Building!the!First!Truly!Global!Beer!Company.!(2015).!
61
Our!team!|!AB!InBev.!(2017).!Ab?inbev.com.!Retrieved!20!April!2017,!from!http://www.ab?inbev.com/our?story/our?team.html!
62
!Kew,!J.,!&!Prinsloo,!L.!(2017).!AB!InBev!to!Wring!Potential!From!Africa!Beer!With!Exports.!Bloomberg.com.!Retrieved!20!April!2017,!from!
https://www.bloomberg.com/news/articles/2017?04?12/ab?inbev?sees?africa?as?two?way?street?for?boosting?beer?brands!
63
!Kirin!Beer!University!Report!Global!Beer!Consumption!by!Country!in!2014!|!News!Releases!|!Kirin!Holdings.!(2015).!Kirinholdings.co.jp.!
Retrieved!20!April!2017,!from!http://www.kirinholdings.co.jp/english/news/2015/1224_01.html!
64
! Kitwe,! &! Onitsha.! (2014).! SABMiller! in! Africa! The! beer! frontier.! Economist.com.! Retrieved! 20! April! 2017,! from!
http://www.economist.com/news/business/21602999?long?established?african?firm?went?global?only?find?fastest?growing?market?was?its!
SABMiller!Revenue!by!
Geography!
APAC!
Europe!
North!America!
Layn!America!
Africa!
SABMiller!EBITDA!by!
Geography!
APAC!
Europe!
North!America!
Layn!America!
Africa!

20. 20
Figure 8. Evolution of the African Beer Volume !
!
!
!
!
!
!
!
!
!
!
!
!
The!Economist.!(2014).!SABMiller!in!Africa!The!beer!frontier.![online]!Available!at:!
http://www.economist.com/news/business/21602999?long?established?african?firm?went?global?only?find?fastest?
growing?market?was?its![Accessed!11!Apr.!2017].!
!
As!in!Asia,!AB!InBev!plans!to!introduce!some!of!its!major!brands!to!Africa,!such!as!Budweiser,!Stella!
Artois!and!Corona.!The!plan!also!includes!exporting!African!beers!to!the!rest!of!the!world.!This!way,!
AB!InBev!wants!to!sell!Castle!(South!Africa),!Hero!(Nigeria)!and!Kilimanjaro!(Tanzania)!outside!the!
continent.³!All!three!brands!are!of!Lager?Pilsner!type!of!beer,!the!most!popular!and!adapted!type!of!
beer!for!the!African!market.65
!
!
The!expansion!in!Africa!is!also!based!on!important!priorities.!This!means!some!divestments!with!the!
sale!of!Distell!Group!Ltd.,!66
!a!South!African!drinks!maker,!but!also!the!sale!of!the!group’s!stake!in!
Coca!Cola!Beverages!Africa!(SABCO)67
,!a!bottling!company!made!of!a!partnership!between!Coca!Cola,!
SABMiller!and!Gutsche!Family!Investments.!AB!InBev!has!a!comparable!partnership!with!PepsiCo!in!
South!America.!AB!Inbev!however!chose!to!divest!the!soda!and!bottling!units!of!SABMiller!in!Africa!
and! went! towards! continuing! other! engagements! of! the! company.! ! AB! InBev! will! maintain! the!
regional! headquarters! for! Africa! in! Johannesburg! and! set! up! a! local! board.! Continue! a! scheme!
started!by!SABMiller!in!2010!called!the!Zenzele!Broad?Based!Black!Economic!Empowerment!(BBBEE)!
68
! which,! among! other! objectives,! aims! at! providing! economic! benefits! at! disadvantaged! South!
Africans.!AB!InBev!also!announced!investments!such!as!a!new!plant!in!Nigeria!and!investments!in!
two!new!production!lines!in!South!Africa.!³!Ricardo!Tadeu!talks!about!prioritizing!actions!in!Africa,!
the!company!will!focus!on!the!countries!where!SABMiller!was!already!active,!keeping!in!mind!that!
Heineken! NV,! their! rival! on! the! continent,! is! already! heavily! implemented! in! countries! such! as!
Democratic!Republic!of!Congo!and!Ivory!Coast.!!
!
There!are!several!reasons!why!the!African!market!is!quite!different!from!the!rest!of!the!world:!high!
fixed!costs!of!breweries!due!to!expensive!water!treatment!and!power!access,!difficulty!of!access!to!
65
!Our!brands!|!AB!InBev.!(2017).!Ab?inbev.com.!Retrieved!20!April!2017,!from!http://www.ab?inbev.com/our?brands.html!
66
!Geller,!M.,!&!Dludla,!N.!(2016).!AB!InBev!to!sell!stake!in!South!Africa's!Distell!to!state!fund.!Reuters.!Retrieved!20!April!2017,!from!
http://www.reuters.com/article/us?anheuser?busch?distell?grp?stake?sale?idUSKBN1440OK!
67
!Blenkinsop,!P.,!&!Geller,!M.!(2016).!Coke!moves!away!from!AB!InBev!with!Africa!bottling!deal.!Reuters.!Retrieved!20!April!2017,!from!
http://www.reuters.com/article/us?anheuser?busch?m?a?coca?cola?bo?afric?idUSKBN14A0HJ!
68
!SAB!Zenzele!|!SAB.!Sab.co.za.!Retrieved!20!April!2017,!from!http://www.sab.co.za/the?sab?story/sab?zenzele/!

21. 21
remote! territories! and! bad! transportation! possibilities,! unstable! political! situations! in! various!
countries,!poverty,!and!many!other!reasons.!5!
!
Due!to!all!these!limitations,!the!beer!market!tends!to!be!governed!by!monopolies!in!each!country,!
with!companies!owning!up!to!75%!of!the!market!share!of!beers!sold.!AB!InBev!will!most!likely!pursue!
SABMiller’s!African!strategy!of!making!beer!affordable!to!local!customers.!Indeed,!it!can!take!several!
hours!for!a!worker!to!buy!a!single!beer!and!SABMiller!has!made!efforts!to!reduce!this!price.!!
!
Given!the!growth!of!GDP!and!middle?class!in!Africa,!AB!InBev!decided!to!take!the!challenge!of!facing!
the!difficulties!that!can!occur!when!looking!at!risks!and!ease!of!doing!business!on!the!continent.!
They!chose!to!merge!with!a!solid!competitor!to!adapt!to!the!market!with!the!acquired!knowledge!of!
the!new!partnership.!This!is!strengthened!by!setting!up!a!local!board!in!headquarters!in!South!Africa.!
Although!the!merger!was!quite!aggressive!in!terms!of!importance!and!transfers!of!business!units,!
the! company! remains! careful! on! investments! and! chooses! to! keep! SABMiller’s! method! on! the!
continent.!
!
To! assure! itself! a! strong! position! on! the! African! market,! considering! all! the! information! above,!
investing!in!safe!and!strong!brands!that!are!sold!in!multiple!countries!such!as!Hero!and!Castel!seems!
to!be!the!best!recommendation.!This!way!AB!InBev!can!make!use!of!SABMiller’s!expertise!and!grow!
in!volume.!As!explained!before,!the!African!customer!is!used!to!lager!types!of!beers!so!this!choice!
seems!to!be!the!best!strategy!on!a!short!term.!But!as!middle!class!expands!and!power!purchase!
grows,!the!maturity!of!the!beer!culture!can!change,!and!AB!InBev!should!start!trying!out!with!smaller!
breweries!to!include!other!types!of!beer!in!their!portfolio!in!the!future.!
!
4. CONCLUSION
!
AB!InBev!was!already!the!leader!in!the!beer!industry!and!merging!with!SABMiller!only!comforted!
their!position!by!isolating!competitors!such!as!Heineken!and!Carlsberg!to!large!difference!in!scale.!
The! deal! made! them! achieve! the! objective! of! “Building! the! first! truly! global! beer! company”! and!
strengthened! the! consolidation! advantages! of! having! a! large! company! by! cutting! costs! and!
developing! synergies.! The! acquisition! of! SABMiller! is! of! course! impressive! in! terms! of! size! and!
important!concerning! the! future! of! the! beer! industry! and! the! strategy! of!AB!InBev,!but!it!is!also!
totally!coherent!with!the!company’s!“Think!Global,!Act!Local”!strategy,!giving!them!multiple!new!
portfolios!of!brands!and!breweries!on!markets!where!they!had!very!limited!access.!Both!African!and!
Asian!markets!offer!new!challenges,!although!very!different!when!looking!at!the!specifications!of!
each!market.!Asia!is!a!more!mature!market!where!AB!InBev!will!develop!premiumization!of!their!
portfolios!and!work!on!different!strategies!for!each!region.!The!African!market!will!be!more!about!
developing!growing!brands!in!terms!of!volume!but!also!in!terms!of!exports!to!the!rest!of!the!world.!
Although!mergers!and!acquisitions!are!a!fundamental!component!of!AB!InBev’s!history,!this!time!it!
has!had!an!impact!on!global!strategic!choices.!The!company!is!now!clearly!the!world!leader!in!the!
industry!but!to!do!so,!they!left!important!brands!behind!and!loosened!their!hold!on!some!other!
markets! such! as! North! America! and! Europe.! AB! InBev! decided! to! take! a! bet! on! new! market!
opportunities,!letting!other!merging!opportunities!to!competitors!and!making!the!beer!industry!an!
interesting!competitive!market.!Was!this!the!right!choice?!Only!the!future!will!tell.!

22. 22
5. BIBLIOGRAPHY
!
AB! InBev,! (2016).! Introductory! presentation.! Retrieved! April! 24,! 2017,! from! http://www.ab?
inbev.com/content/dam/universaltemplate/abinbev/pdf/investors/15January2016/Anheuser?
Busch%20InBev%20–%20Roadshow%20–%20January%202016.pdf!
!
Allen! J.,! Zook! C.! (2012)! The! strategic! principles! of! repeatability.! Retrieved! April! 4,! 2017,! from!
http://www.bain.com/publications/articles/the?strategic?principles?of?repeatability.aspx!
!
AmBev! Agrees! to! Merge! with! Interbrew.! (2017)! Bloomberg.com.! Retrieved! 7! April! 2017,! from!
https://www.bloomberg.com/news/articles/2004?03?02/ambev?agrees?to?merge?with?interbrew!
!
Anheuser?Busch! InBev! ADR.! (n.d.).! Retrieved! April! 24,! 2017,! from!
http://www.boursier.com/actions/actualites/news/anheuser?busch?inbev?adr?
US03524A1088,US.html!
!
Beer! monster.! (2015,! September! 19).! Retrieved! April! 24,! 2017,! from!
http://www.economist.com/news/business/21665074?ab?inbev?may?combine?sabmiller?flat?
market?big?beer?brands?beer?monster!
!
Blenkinsop,! P.,! &! Geller,! M.! (2016).! Coke! moves! away! from! AB! InBev! with! Africa! bottling! deal.!
Reuters.! Retrieved! 20! April! 2017,! from! http://www.reuters.com/article/us?anheuser?busch?m?a?
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!
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! !

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6. APPENDIX
!
6.1. 10 Principles

26. 26
6.2. World Beer Industry (% of Volume, 2014)
6.3. Consumer’s Classes Evolution Forcasts
America!
31%!
Europe!
27%!
Africa!&!!
Middle!East!
7%!
China!
23%!
Rest!Asia!Pacific!
12%!
Asia!Pacific!
[PERCENTAGE]!

27. 27
6.4. Consumption Per Capita (20 largest provinces in term of liters of beer)
6.5. Segment Comparison

28. 28
6.6. Consumption vs GDP (Per capita, thousand of USD and liters)
!
!