(HSBC) AB Inbev : Reduce : SABMiller holds its ground against ABI bid with a new

AB Inbev : Reduce: SABMiller holds its ground against ABI bid with a new USD550m cost savings programme

* SAB sees 14.8x EBITDA bid as too low relative to recent history of similar deals of similar quality

* SAB announces new USD550m cost plan to be delivered by FY 2020e

* History repeats: the old Bud announced an acceleration of the USD1bn ‘Blue Ocean’ cost savings plan during the

InBev negotiation in 2008, eventually forcing a higher bid