- Even as a notoriously slow federal judge considers U.S. regulators' case to block the AB InBev-Modelo acquisition, the world's biggest brewer has moved to sell Corona to Constellation Brands Inc. for $2.9 billion in order to ease anti-competition concerns.
- As a result Constellation will gain perpetual rights to the Corona and Modelo brands in the U.S.
- A Department of Justice spokeswoman told Bloomberg that any such deal would be given "serious consideration," though litigation is still being prepared.
From the article:
"... The deal is aimed at appeasing U.S. authorities, who sued to block AB InBev’s proposed $20.1 billion purchase of the rest of Modelo on Jan. 31, arguing the merger would hurt competition and lead to higher prices. AB InBev controls almost half the U.S. beer market, while Corona is the country’s biggest imported brand. The complaint triggered plunges in shares of AB InBev, Constellation and Modelo. ..."