Heineken’s most recent purchase was the $4.25bn bid it made last August for Asia Pacific Breweries. The size of the bid was largely meant to eject rival brewers Fraser and Neave’s by omitting their stake. Analysts have since stated that Heineken’s offer – valuing APB at a price-to-earnings ratio of 35.1 – is more than 20.3 times what it paid for Carlsberg Brewery Malaysia, and 16.6 times what it paid for Japan’s Sapporo Holdings.