Brussels

THE prospect of a new competitor that produces one-third of an entire industry's output would normally terrify rival companies, but brewing is different.

The very local nature of lagers and ales, and the fact that a price war is seen as unlikely, mean global market leader Anheuser-Busch InBev's (AB InBev) imminent takeover of SABMiller, the world's second-largest brewer, should not destroy the competition.