Bloomberg: Will Anheuser-Busch Explore M&A Opportunity Outside Of Alcohol?

According to Bloomberg, alcoholic beverage maker Anheuser-Busch Inbev SA (NYSE: ABI) may have its eyes focused on acquiring SABMiller (NYSE: SAB), but could accept a consolation prize of PepsiCo, Inc. (NYSE: PEP).

Anheuser-Busch has spent $90 billion in M&A activity over the last 10 years and according to Bloomberg, the company and its advisors have analyzed scenarios involving an acquisition of a non-alcoholic manufacture, including Pepsi.

Pepsi and Anheuser-Busch have existing relationships through a bottling arrangement in Latin America. Any deal between the two companies would "have to be friendly," according to the report.

A combination of the two companies could see synergies in the form of a shared distribution systems. Anheuser-Busch may also elect to sell off Pepsi's snack business if it does not wish to expand beyond beverages in to snacks. Anheuser-Busch has undertaken "complex deals" involving divestitures in the past, Ali Dibadj of Sanford C. Bernstein told Bloomberg.

Other companies Anheuser-Busch could potentially have on their radar include Monster Beverage and Keurig Green Mountain even though Bloomberg states "no talks are happening now, no deal is imminent."