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Mexico's Modelo not looking to buy back stake

Fri Oct 17, 2008 9:18am EDT

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MEXICO CITY, Oct 17 (Reuters) - Mexican brewer Grupo Modelo (GMODELOC.MX) denied on Friday a report that it is seeking to buy back all or part of the 50 percent stake its U.S. partner Anheuser-Busch Cos Inc (BUD.N) holds in it.

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The Wall Street Journal reported in its Friday edition that Modelo, maker of Corona beer, wanted to buy back the stake, citing people familiar with the matter.

The report "is not true," a Modelo spokeswoman in Mexico City told Reuters.

Anheuser agreed in July to a $52 billion takeover by Belgium's InBev NV INTB.BR, maker of Stella Artois and Beck's, to create the world's largest brewer.

The spokeswoman said Modelo is focusing on the arbitration it has just started against Anheuser, claiming its U.S. partner did not consult it about InBev's offer. (Reporting by Cyntia Barrera Diaz; Editing by Derek Caney)

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