Altria announced to reduce its stake in AB InBev from approx. 10% to 8% through a secondary global offering. AB InBev will buy back some USD 200m or some 9% of the placement.We are pleased that Altria starts to take away the overhang. However, we would have preferred this at a later moment, allowing AB InBev to buy back a bigger part of the shares instead of 9%. In addition, Altria could return after the 180 days lock up.     We maintain our Buy rating but given short term uncertainty we take AB InBev out of our preferred list