Belgium-based InBev, the world’s number one brewer, was formed in 2004 through a complex merger arrangement between Interbrew of Belgium and Companhia de Bebidas das Américas (AmBev) of Brazil. Interbrew (we use ‘Interbrew’ rather than ‘InBev’, as most business activities discussed in this case happened during the Interbrew period) traces its origins to a brewery called Den Horen, established in 1366 in Leuven, Belgium. In 1717, the brewery changed its name to Artois when it was acquired by Sebastien Artois, its master brewer. In 1987, Brasseries Artois, then the second largest brewer in Belgium, and Brasseries Piedboeuf, then the largest brewer in Belgium, merged to create Interbrew. In 1988, Interbrew was the 17th largest brewer in the world.¹⁵