Femsa, the Mexican brewer, bottler and retailer, appears to have got the bargain of the decade with its purchase of Kaiser, a Brazilian brewer, announced last week.

Femsa agreed to pay Molson Coors $68m and assume about $60m in debt for a 68 per cent stake in Kaiser, a pittance compared with the $765m that Molson (before it merged with Coors) paid for 80 per cent of Kaiser less than four years ago.