So far just two companies on the Bovespa Lojas Renner, a retailer, and Eternit, a building-materials firm have no controlling shareholder.

ECONOMIST: A rash of listings and an outbreak of shareholder democracy

Aside from their stake in Anheuser, they stand to add to their billions through Brazilian retailer Lojas Americanas--its stock has more than doubled since March.

FORBES: Valuations

And like CBD, Wal-Mart has struggled in this volatile market, mounting a failed joint venture with Lojas Americanas and enduring a 35% drop in the Brazilian currency, thereal, in 2002.

FORBES: Outmuscling Wal-Mart