didier: it is a u.s.sed business. -- they have been stumbling badly over the last year on the back of currency. they are not delivering very good numbers. francine: this is a consolidation phase. the industry has gone through hughes consolidation. to make sure ab inbev can get a hold of sabmiller. are they any regulation hurdles? duncan: they have done a majority of what they need to do to get regularities twos -- regulators to sign on the dotted line. it is something we have not thought about in terms of market share it whether there is deeper issues. who knows whether they may come back and ask more from abi. francine: this is a story of consolidation. it is a story of having the appetite for a lot of cash. it is a story of currency and emerging markets. what does it tell you that out of those three components? didier: not the emerging markets story. china.ed about if you look at the rest of emerging markets, you have a situation where overall, after hardships, a hard time of recovering from the slowdow