October 4, 2010 / 8:33 PM / in 9 years

Mexico's Modelo won't sell stake to AB InBev-media

MEXICO CITY, Oct 4 (Reuters) - Mexican brewer Grupo Modelo GMODELOC.MX is not interested in selling its stake to partner Anheuser-Busch InBev NV, the chief executive of the company told a local newspaper.

Carlos Fernandez, who is from the family that founded the brewer and leads the board of directors, told daily Milenio that controlling shareholders would not sell their stake to AB InBev (ABI.BR) after losing a two-year legal battle.

“Modelo is a company controlled by a group of Mexican families. There is no desire to sell; on the contrary, we want to consolidate this company as we have done since the first day it was created,” Fernandez said in an article published on Monday.

A Modelo spokeswoman said the quote was correct, but could not comment further on the issue.

Modelo in July lost an arbitration case against AB InBev, the world’s biggest brewer, that has a 50.2 percent equity stake in the Mexican company.

Modelo’s defeat in the arbitration case raised speculation that major Mexican shareholders could sell their stakes to AB InBev. (Reporting by Michael O’Boyle; editing by Andre Grenon)

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