Anhueser-Busch has approached Mexian brewer Grupo Modelo about a possible merger, the Wall Street Journal reports, in an attempt to thwart an unwanted $46.35 billion takeover bid from Belgium’s InBev NV. Anhueser already owns 50% of Modelo, which is best known for its Corona brand. By buying the other 50%, it hopes to move out of InBev’s price range.
It’s unclear whether Modelo is open to such advances, however. The brewers have made uneasy partners, and Modelo might prefer to take its chances with InBev. There’s also a chance the acquisition wouldn’t stop the bid. “If you are an Anheuser-Busch shareholder, are you willing to give up $65 or higher in your pocket for the risk of an expensive acquisition?” asks one analyst.