If the water segment (packaged and HOD) keeps growing at its present +30% PA, it will be as big as soft drinks in appx 4 to 5 years.
With the sources of water consolidating, you have an attractive mixture - scarce / valuable asset in a high growth, solid margin segment.
The question now is who / which company will best be able to extract the value without being restricted by public policy? Maybe CCA, but will Danone sit back and watch?