When the world’s largest brewer, the Belgian giant Anheuser-Busch InBev (AB InBev), listed on the JSE in January 2016, there was no doubt what its intention was.

The listing was part of a quid pro quo at the time, to ease concerns about AB InBev’s $122bn takeover of SABMiller. That company had grown from the small SA Breweries (SAB), launched in 1895, to become the world’s second-largest brewer...

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