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Grupo Modelo SAB de CV, Constellation Brands Inc, Crown Imports And Anheuser Busch Inbev SA Reach Agreement With Department Of Justice On Litigation; Parties Request Extension Of Proceedings

Friday, 5 Apr 2013 05:05pm EDT 

Grupo Modelo SAB de CV (Grupo Modelo) announced that Grupo Modelo, Anheuser Busch InBev SA (AB InBev), Constellation Brands, Inc. (Constellation) and Crown Imports LLC have reached an agreement in principle with the United States 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 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. The revised transaction with Constellation remains subject to regulatory approval in Mexico. 

Company Quote

17 Dec 2014