World: In its annual report on "Global Brewing" Deutsche Bank is listing all mergers and acquisitions in the 12 months period until September, 2004. Total capital involved was 32 Billion Dollars, as much in one year as in the four preceding years together. The outstanding event was the merger of Interbrew and Ambev at a price of 19.7 Billion $, followed by the merger of Coors and Molson at 4 Billion $, still to be confirmed by shareholders, and the repurchase of Carlsberg's shares from Orkla at 3.25 Billion $. Femsa repurchased Interbrew's shareholdings in its company. Anheuser Busch, Bitburger, Carlsberg, CREB (China Resources/SAB), Heineken, Inbev, S&N and Tsingtao spent a total of 4 Billion $ to strengthen their positions in the Chinese, German and Russian industries. Deutsche Bank believes that the consolidation of the industry worldwide will not only continue, but gather momentum.

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