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BUZZ-SABMiller: among top FTSE risers on Nomura upgrade

Reuters - UK Focus

** SABMiller (Xetra: BRW1.DE - news) hits 2-mth highs, up 0.8% & among top UK blue-chip risers, as Nomura upgrades to "buy" vs "neutral"

** Broker reckons business could look quite different following appointment of a heavyweight chairman & new CFO at AGM on July 23

** Says with appointment of new CFO, M&A momentum both in beer & soft drinks could renew; SAB's strong balance sheet offers debt-funded acquisition firepower of $26 bln on broker's estimates

** Nomura flags it is still sceptical around an AB Inbev acquisition of SAB, especially as board changes argue for a tougher bid defence -- but on a medium-term view, it cannot rule out a move

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** Broker adds that following downgrades to recent guidance on LatAm & Africa for SAB, Nomura believes expectations for near-term margins are low & there is scope for positive surprise

** AB Inbev cut to "neutral" by Nomura following strong share price run over past three years, stock down 0.4% (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)