Courtesy of Benzinga.
Anheuser-Busch InBev (NYSE: BUD), Grupo Modelo, S.A.B. de C.V, Constellation
Brands, Inc. (NYSE: STZ) and Crown Imports LLC have reached an
agreement in principle with the U.S. Department of Justice on a proposed
resolution to the Department of Justice’s litigation challenging AB InBev’s
proposed acquisition of the remaining stake in Grupo Modelo that it does not
already own. The proposed resolution is substantially in line with the revised
transaction announced on February 14, 2013.
In connection with this agreement, the parties and the Department of Justice
have jointly approached the Court and requested an extension of the stay of
the proceedings until April 23, 2013. This stay will allow the parties to
finalize the details of a proposed consent judgment and the related definitive
agreements and papers required for settlement. The parties stated in their
filing with the Court that they expect for this to be their final request to
extend the stay. Approval of the transaction, and the timing of such action,
remain subject to the finalization of the relevant documentation with the DOJ
and other parties, and approval by the Court.
The revised transaction with Constellation remains subject to regulatory
approval in Mexico.
