💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Molson Coors nears deal to buy rest of Miller Coors: WSJ

Published 11/10/2015, 02:47 PM
Updated 11/10/2015, 02:50 PM
© Reuters. A barman pours a beer produced by brewing company SAB Miller at a bar in Cape Town
SAB
-
TAP
-
ABI
-

(Reuters) - Molson Coors Brewing Co (N:TAP) is nearing a deal to buy the rest of its U.S. joint venture with SABMiller Plc (L:SAB), MillerCoors LLC, for more than $10 billion, the Wall Street Journal reported on Tuesday.

An agreement to buy the 58 percent stake held by SABMiller is expected to be announced Wednesday, the newspaper reported, citing people familiar with the matter.

The deal will be contingent on the closure of the AB InBev-SABMiller deal, the Journal reported. (http://on.wsj.com/1Hvccl8)

Anheuser-Busch InBev (BR:ABI) and SABMiller agreed last month to create a company making almost a third of the world's beer.

Molson Coors is widely anticipated to make a bid for SABMiller's stake in the joint venture, formed in 2008 and known for selling brands such as Coors Light, Miller Lite and Blue Moon in the United States.

The venture agreement gives Molson Coors the right to name new management in the event of a change in control and the right to make the first and last bid for the remaining stake, both of which could deter other potential bidders.

Molson Coors was not immediately available for comment.

AB InBev and SABMiller declined to comment.

© Reuters. A barman pours a beer produced by brewing company SAB Miller at a bar in Cape Town

Molson Coors' shares were up 2 percent at $89.15.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.