Credit was certainly tight in July when, after a month-long battle, A-B agreed to a takeover by InBev. Still, the Belgium brewer was able to put together an impressive multinational syndicate of 10 banks to fund the deal. Backers included J.P. Morgan Chase & Co., Barclays Capital, Royal Bank of Scotland Group plc and Banco Santander SA. But by October, as banks began failing and rapid consolidation gripped the financial services industry, questions were raised about InBev's ability to keep its funding intact. 

To be sure, in early October, the St. Louis Post-Dispatch published an article titled "Credit market tightness threatens InBev's bankers." A day later, though, J.P. Morgan head of investment banking Douglas Braunstein told Corporate Dealmaker's Kenneth Klee that the financing was in place and had gone smoothly. According to the Post-Dispatch, the banking syndicate has since grown to include 19 banks.     

More recently, a local St. Louis television station reported on a townhall meeting InBev chief executive Carlos Brito (pictured) held with A-B employees on Oct. 29, in which he indicated the deal could close as early as November, a strong sign the deal is holding together. 

Meanwhile, there's been no indication that InBev has reached an agreement with Mexican brewer Grupo Modelo SAD de CV. A-B owns a 50% stake in closely held Grupo, which has asserted it has the right to approve any transfer of ownership. On Oct. 16, Grupo filed a notice of arbitration against A-B. InBev, which has been negotiating with Grupo, and A-B say the claim has no merit. 

Even if that's true, Grupo's actions have proved a major distraction as Brito and company work to close this deal in a challenging environment. - Suzanne Stevens