<SEC-DOCUMENT>0001193125-13-284288.txt : 20131009
<SEC-HEADER>0001193125-13-284288.hdr.sgml : 20131009
<ACCEPTANCE-DATETIME>20130708101058
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-13-284288
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130708

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000
		BUSINESS PHONE:		55(11)2122-1414

	MAIL ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7pt" ALIGN="center">


<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="16%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:21pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman" COLOR="#3f69be"><B><FONT
 COLOR="#9fb4de">GIBSON DUNN</FONT></B></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">Gibson,&nbsp;Dunn&nbsp;&amp;&nbsp;Crutcher&nbsp;LLP</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">200 Park Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">New York, NY 10166-0193</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">Tel 212.351.4000</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book">www.gibsondunn.com</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Kevin Kelley</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Direct: +1 212.351.4022</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Fax: +1 212.351.5322</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">KKelley@gibsondunn.com</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">July&nbsp;8, 2013 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>VIA EDGAR
CORRESPONDENCE </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">100 F Street, N.E., </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Attention:</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;John Reynolds - Assistant Director </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><B>Ambev S.A.</B> </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Company Response Letter, filed on July&nbsp;3, 2013 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendment No.&nbsp;1 to the Registration Statement on Form F-4, filed herewith </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Registration Statement on Form F-4, filed on June&nbsp;28, 2013 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>File: 377-00131 </B></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD ALIGN="left" VALIGN="top"><B>CIK No.&nbsp;0001565025 </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">By letter dated July&nbsp;3, 2013 (the &#147;<U>July 3rd Response
Letter</U>&#148;), Ambev S.A. (&#147;<U>Newbev</U>&#148; or the &#147;<U>Company</U>&#148;) provided the staff (the &#147;<U>Staff</U>&#148;) of the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) with responses to the
Staff&#146;s comment letters, dated June&nbsp;27 and 28, 2013 (the &#147;<U>Third SEC Comment Letter</U>&#148;), concerning the Company&#146;s second amended draft registration statement on Form F-4 that was confidentially submitted to the Staff by
Newbev on June&nbsp;20, 2013, with respect to the stock swap merger (the &#147;<U>Stock Swap Merger</U>&#148; or the &#147;<U>Transaction</U>&#148;) of Companhia de Bebidas das Am&eacute;ricas &#150; Ambev (&#147;<U>Ambev</U>&#148; and, together
with Newbev, the &#147;<U>Companies</U>&#148;) with Newbev, as described in that draft Form F-4. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">On behalf of Newbev, the issuer, and Ambev, the target
of the Stock Swap Merger, we submit the Companies&#146; supplemental response to their original response in the July&nbsp;3rd Response Letter to Staff comment no. 3 contained in the Third SEC Comment Letter. For your convenience, we have reproduced
below in bold the relevant Staff comment and provided the Companies&#146; supplemental response thereto. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Tax Considerations, page 117 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Material U.S. Federal Income Tax Considerations, page 117 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>The Proposed Stock Swap Merger, page 119 </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book" ALIGN="center">Beijing <FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT> Brussels <FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Century City </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book"> Dallas </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Denver </FONT><FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Dubai </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book"> Hong Kong </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> London </FONT><FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book"> Los Angeles </FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book"> Munich </FONT></P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7pt; font-family:Franklin Gothic Book" ALIGN="center">New York
<FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT> Orange County&nbsp;<FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book">&nbsp;Palo Alto
&nbsp;</FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book">&nbsp;Paris&nbsp;</FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book">&nbsp;San Francisco&nbsp;</FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book">&nbsp;S&atilde;o Paulo&nbsp;</FONT><FONT
STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT STYLE="font-family:Franklin Gothic Book">&nbsp;Singapore&nbsp;</FONT><FONT STYLE="font-family:WINGDINGS; font-size:7pt" COLOR="#000000">&#159;</FONT><FONT
STYLE="font-family:Franklin Gothic Book">&nbsp;Washington, D.C. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:Garamond"><FONT COLOR="#3f69be"><B>GIBSON DUNN </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">July&nbsp;8, 2013 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Tax Treatment of the Proposed Stock Swap Merger, page 119 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>3. Please revise the tax opinions filed as exhibit 8.1 and 8.2 to clearly state that the disclosure in the tax consequences section of the prospectus is the
opinion of the named counsel. Similarly, the disclosure in the prospectus should clearly identify and articulate the opinion being rendered. Currently, the disclosure on page 103 states that the transaction should qualify as a tax free exchange;
however, such statement is not clearly identified as the opinion and is not attributed to named counsel. Please expand upon the statement regarding conflicting case law. Please add a risk factor regarding the uncertainty of the tax treatment of this
transaction. Lastly, please add a cross reference to page 25 to reflect where a more detailed discussion of the doubt concerning the opinion is located. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">As a supplemental response to the Staff&#146;s comment, the following changes are also reflected in Amendment No.&nbsp;1 to the registration statement on Form
F-4 of Newbev that is being publicly filed with the Commission on this date, together with this correspondence (the &#147;<U>First Amended Public F-4</U>&#148;): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">pages <B></B>52-53: expand the Brazilian tax risk factor to include additional discussion on the uncertainty as to the applicability of Brazilian income tax to the Stock Swap Merger and the related limitations in the
opinion of the Companies&#146; Brazilian tax counsel, Lefosse Advogados; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">page <B></B>122<B></B>: expressly states the assumptions to which the opinion of the Companies&#146; U.S. tax counsel Sullivan&nbsp;&amp; Cromwell LLP, is subject; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">page 131: revises the sentence relating to the opinion of the Companies&#146; Brazilian tax counsel to expressly state that counsel&#146;s distinct opinion on the applicability of Brazilian income tax to the Stock Swap
Merger; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS 2">&#151;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">pages <B></B>131-132: include a discussion as to why it is more likely than not that Brazilian income tax does not apply to the Stock Swap Merger, as well as a discussion of the factors that may result in the
application of that tax to the Transaction. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Unlike stated in the July&nbsp;3rd Response Letter, we clarify that the First Amended Public
F-4 was not filed on July&nbsp;3, 2013 together with that correspondence, but is now being filed today together with this correspondence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Companies
appreciate in advance the Staff&#146;s prompt time and attention to this response letter and reiterate the time sensitivity to keep the Ambev shareholders&#146; meeting for the Stock Swap Merger on track for its July&nbsp;30, 2013 scheduled date
that has already been publicly announced. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:20pt; font-family:Garamond"><FONT COLOR="#3f69be"><B>GIBSON DUNN </B></FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Mr.&nbsp;John Reynolds </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">July&nbsp;8, 2013 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:12pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Should you have any additional questions or comments, please feel free to call me at +1 212-351-4022. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>/s/ Kevin W. Kelley </U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Kevin W. Kelley </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">KWK/FA </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">cc: Nelson
Jos&eacute; Jamel - Chief Financial Officer </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
