FIZZY GROWTH. Big Beer is on the prowl for growth. South African wine, cider and spirits maker Distell (DGHJ.J) said on Tuesday that Heineken (HEIN.AS) had approached it regarding a sale. There’s no price yet but given $2.3 billion Distell’s resilience during South Africa’s pandemic alcohol bans, the $69 billion Dutch brewer may need to stump up a chunky premium. Heineken needs the Amarula cream liquor maker more than vice versa. Having invested in its manufacturing, Distell was able to quickly increase production and boost market share when bans ended. Its revenue grew almost 4% year on year in the six months to December despite losing a fifth of its trading days to the pandemic in its biggest market. The deal would also make world’s biggest brewer Anheuser-Busch InBev (ABI.BR), which struggled in Africa last year, feel the burn. Distell shares’ 3% rise on the news looks modest given that a proper 30% control premium would imply their company is worth $3 billion. (By Dasha Afanasieva) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: SF"s troubles ruin perfectly good REIT read more AT&T’s deal machine read more Blackstone’s Italy property win is front-page news read more Nordic school-builder buyout is teachable moment read more Boeing gives Ryanair another headache read more