Copenhagen - Megabrew - ABInbev's $104bn takeover of SABMiller - hasn't even gone through yet, but it's already shaking up the beer glass.
Thanks to ruthless cost-cutting, ABInbev's estimated 2015 operating margin is a best-in-class 31.9%. SABMiller is second at 20.3% because of its dominant market positions, according to Bloomberg Intelligence consensus forecasts. That means the other two of the big four brewers, Heineken, with a 16.5% reported operating margin and Carlsberg at 12.9% in 2015, are having to up their game.
That's being made harder by bearded hipsters in developed markets preferring craft breweries and turbulence in emerging markets.