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InBev, Busch, Modelo in Love Triangle

The J. Geils Band could write a song about what's happening in the beer industry. "You want her, she wants him, he wants somebody else, you just can't win."

InBev, it seems, is making trouble for everybody. Its unsolicited â€" and unwanted â€" bid for Anheuser-Busch sent Busch into the arms of the Mexican brewer Grupo Modelo. Or that's what Busch was hoping, anyway. Turns out that Modelo, a Busch affiliate, doesn't want to be anything more than friends.

Busch is hoping that a marriage to Modelo will make it out of InBev's league. InBev would, at the very least, have to significantly raise its $65 a share bid. Analysts are already calling that too low, even without Modelo.

But some are also saying that Modelo might actually make Busch more attractive to InBev. "Anheuser in talks with Modelo is not a defense move. That's a crap idea," Julian Wentzel, an analyst with Macquarie First South Securities, told "InBev would be very happy to buy the whole lot, even it meant a higher price."

Modelo, meanwhile, said in a statement that it wants to "remain a proudly Mexican company."

But Modelo might be willing to be a bit more humble if the price is right.

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