November 15, 2012 / 9:36 PM / 5 years ago

Mexican competition watchdog OKs Modelo sale to AB InBev

1 Min Read

MEXICO CITY, Nov 15 (Reuters) - Mexico's competition watchdog said on Thursday it has authorized, with no conditions, the sale of half of Grupo Modelo to AB InBev, a $20.1 billion deal that gave the Belgium-based brewing giant full control of the Mexican company.

Anheuser Busch InBev, the world's biggest brewer, took over the Mexican firm in June, giving it dominance in Latin America's second-largest economy and adding Corona, the top-selling imported beer in the United States, to its brands.

The long-awaited deal was the biggest foreign buyout of a Mexican company in more than 20 years and showed how much global brewers are willing to pay for developing market growth in an increasingly consolidated industry.

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