Winebusiness.com - Homepage for the Wine Industry

Constellation Brands Statement Regarding Discussions with DOJ


Date: 04/05/13

Agreement in principle reached with DOJ; Parties request extension of the present stay of proceedings until April 23, 2013 to finalize proposed consent judgment

VICTOR, N.Y., April 5, 2013 – Constellation Brands, Inc. (NYSE: STZ and STZ.B), Anheuser-Busch InBev (Euronext: ABI; NYSE: BUD), Grupo Modelo, S.A.B. de C.V. (BMV: GMODELOC), and Crown Imports LLC have reached an agreement in principle with the U.S. 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 substantially 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. Approval of the transaction, and the timing of such action, remain subject to the finalization of the relevant documentation with the DOJ and other parties, and approval by the Court.

The revised transaction with AB InBev remains subject to regulatory approval in Mexico.

Subscribe to Daily news Email

FREE Wine Business Daily News delivers the industry's top stories emailed to you from our editorial team.

most popular daily news links

latest real estate

- real estate  •  Aug 19, 2014 at 9:30AM PDT
- real estate  •  Aug 17, 2014 at 12:33PM PDT
- real estate  •  Aug 14, 2014 at 11:04PM PDT
- real estate  •  Aug 14, 2014 at 4:01PM PDT
- real estate  •  Aug 14, 2014 at 4:01PM PDT

latest services & supplies

- services & supplies  •  yesterday at 2:14PM PDT
- services & supplies  •  Aug 18, 2014 at 5:43PM PDT
- services & supplies  •  Aug 18, 2014 at 10:15AM PDT
- services & supplies  •  Aug 15, 2014 at 2:24PM PDT
- services & supplies  •  Aug 15, 2014 at 9:00AM PDT

industry events

Aug 28
CA
Aug 30
CA
Search Events:

Copyright© 1994-2014 by Wine Communications Group. All Rights Reserved. Copyright protection extends to all written material, graphics, backgrounds and layouts. None of this material may be reproduced for any reason without written permission of the Publisher. Wine Business Insider, Wine Business Monthly, Grower & Cellar News and Wine Market News are all trademarks of Wine Communications Group and will be protected to the fullest extent of the law.