MORE AMERICAN BRANDS <AMB> ACQUISITIONS SEEN American Brands Inc's 545 mln dlrs acquisition of National Distillers and Chemical Corp's liquor business is expected to be one of a series of acquisitions by the tobacco company, analysts said. "They were very frustrated with their inability to get Chesebrough. They said they were looking for an acquisition. It doesn't surprise me that they came up with another one," said Allan Kaplan of Merrill Lynch and Co. American Brands failed late last year in its 2.9 billion dlrs bid for Chesebrough-Ponds Inc when Unilever N.V. agreed to buy the company. But since then, Wall Street has been speculating that American Brands would find another candidate to help reduce its earnings exposure to tobacco. "This is just typical," said George Thompson of Prudential-Bache securities. "There's going to be more to come here. American Brands had to make an acquisition because tobacco is still a significant part of earnings. Their position is a little less favorable than Philip Morris and RJ Reynolds," he said. cash flow from its low growth tobacco, but the tobacco business does require great amounts of capital expenditures. It can therefore use its funds to make acquisitions. Analysts said the National Distillers' spirits company, which makes Gilbey's gin and vodka, Old Grandad and Old Crow whiskey, is not quite the type of acquisition they envisioned. "The distilled spirits business has been in a steady gradual decline for sometime, as has the tobacco business," said Thompson. REUTER...