The investment bank, ING, has cut its rating on the shares of Belgian brewing force, Interbrew, to "sell" from "hold". The move followed the publication of the group's first-half results. "We doubt whether Interbrew can refrain from bidding on crucial targets, although its chief executive forecasts an industry shift towards an organic growth approach," ING said in a research note. "Also, the ambitious annual EBITDA margin growth of 100 basis points could hinder chances of raising the marketing spend necessary to accelerate organic growth."

12 September, 2003