Here is one way to discourage close scrutiny of full-year results: unleash a blockbuster bid the day before. Lion Nathan, the Australian brewer, on Monday did just that, confirming a $5bn cash-and-shares approach for Coca-Cola Amatil, the Coke bottler with rights across much of Australasia.

The fanfare may divert attention from a flagging top-line from the owner of Tooheys, XXXX and Hahn. But the bid is not mere sleight of hand. Lion, or rather itsm controlling 46 per cent shareholder, Japan’s Kirin Holdings, really needs this deal. Like most brewers, Kirin has suffered from high commodity costs and slowing discretionary spending. In a recession, it is not difficult to imagine that Coke – a product that, like it or not, is almost as much a consumer staple as eggs, flour and milk – will be relatively resilient in the face of consumer cutbacks.