Mexico has become the latest focus of attention in the consolidation of the global beer business, after Femsa, the beverage and retail conglomerate, held talks over a possible sale of its beer business.

The country is the last established major beer market that has yet to be divided between the global beer superpowers.

Grupo Modelo SAB, Mexico’s largest brewer, may need to consider its “strategic options” including a combination with Anheuser-Busch InBev if Fomento Economico Mexicano SAB sells itself to SABMiller Plc or Heineken NV, Barclays Plc. said.

“The prospect of competing with a Mexican beer business owned by either SABMiller or Heineken is entirely unappealing, given the greater sourcing and marketing firepower such an entity would have,” Barclays analyst David Belaunde wrote in a note to clients.

• Modelo jumped 9.8 percent to 59.04 pesos at 11:12 a.m. New York time in Mexico City trading.