UPDATE 1-Mexican brewer Modelo cools after rally

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MEXICO CITY, June 13 (Reuters) - Shares of Grupo Modelo fell 2.35 percent on Friday after a rally the previous session on giant Belgian brewer InBev's (INTB.BR: Quote, Profile, Research, Stock Buzz) $46.3 billion bid for U.S. brewer Anheuser-Busch Cos Inc (BUD.N: Quote, Profile, Research, Stock Buzz), which owns 50 percent of the Mexican brewer.

Modelo (GMODELOC.MX: Quote, Profile, Research, Stock Buzz), maker of Corona beer, lost 1.31 pesos to 54.34 pesos amid thin volume of over 560,000 shares.

On Thursday, the Mexican brewer's shares rose 8 percent on InBev's news and by the end of the session more than 8 million of its shares had changed hands.

According to the Wall Street Journal, Anheuser-Busch has had preliminary talks with Modelo about a possible tie-up that could thwart the unsolicited takeover bid by InBev.

A successful takeover would bring together InBev and its big operations in Western Europe, Brazil and Canada with Anheuser's businesses in the United States and China, as well as Modelo's in Mexico. That would fuse the second- and fourth-largest brewers to overtake world leader SABMiller Plc (SAB.L: Quote, Profile, Research, Stock Buzz).

"In our view, Modelo has options, including: attempt to 'go solo;' status quo, in search of a better negotiating table; or joining the party," wrote Credit Suisse in a report.

Any deal will involve negotiating by families that have deep attachments to the U.S. and Mexican companies. Anheuser Chief Executive August Busch IV has said he does not want to sell the company, although the Busch family owns just 3.5 percent. The powerful Aramburuzabala family have a big stake in Modelo.

"In all cases, it involves a consensus view and unity from different families, with different views and interests, and with an "uncomfortable" partner. Not an easy task," Credit Suisse added. (Reporting by Cyntia Barrera Diaz, Michael O'Boyle; editing by Phil Berlowitz)