Mexico: Merrill Lynch analyst Robert Ford said on May 24 he had cut Mexican brewer and bottler Femsa to "neutral" from "buy." The decision came after Femsa, brewer of the Sol and Dos Equis brands, agreed to pay Interbrew $1.245 billion to regain 100 percent ownership of its brewing unit, Reuters said. "We believe the report will disappoint the market," Ford said. "Recent bulls in the stock appear to have widely anticipated a near simultaneous announcement of a new strategic partner at a significant premium to FEMSA's repurchase price."

Femsa shares were off 2.64 % at 50.50 pesos each while its U.S.-traded shares fell 2.92 % to $43.60.

26 May, 2004