A bottle of beer might seem an unlikely driver of M&A activity, but Corona is the flagship product of Grupo Modelo, which was involved in Mexico's second-largest deal this millennium. The sale could give a taste of things to come if the government's reform programme has the anticipated effect.

International beverage giant Anheuser-Busch, which already owned 50% of Grupo Modelo, bought the remainder of the company last year. The deal, worth over $20 billion, benefited a bevy of European and US advisers, including Morgan Stanley, Deutsche Bank and others. Since 2000, the only deal worth more was América Móvil's $24.1 billion deal for Carso Global Telecom in early 2010.