UK: Analysts at Merrill Lynch announced on April 6 it maintained their "buy" rating on Interbrew (ITK). The price objective has been raised from €25 to €27. In a research note published this morning, the analysts mention that the company's FY2003 results were in-line with the estimates. Interbrew has announced its expected merger with AmBev, to form the largest brewing company in the world, in terms of volumes, the analysts say. According to Merrill Lynch, the merger is likely to boost AmBev’s cash flows and EPS, 2005 onwards.

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