US: Anheuser-Busch InBev, Modelo dispute hearing imminent
Modelo is seeking up to US$2.5bn in damages from the brewing giant, said Anheuser-Busch InBev in its half-year results announcement last week. An arbitration hearing is set to begin in New York this month, A-B InBev said.
Modelo filed for arbitration in October last year, at the time of InBev's $52bn takeover of A-B.
The Mexican brewer argues that an agreement between itself and A-B prohibits the automatic transfer of A-B's 50% non-controlling stake in the company to "a competitor in the beer business".
Modelo also argues that the agreement prohibits A-B from disposing of its stake "without first giving the controlling shareholders of Grupo Modelo an opportunity to purchase the shares".
A-B InBev CEO Carlos Brito said in the group's results conference call that Modelo's claim is "completely without merit".
He declined to comment further on the case.
Trade unions in Belgium claimed victory last night as they agreed to end worker blockades of Anheuser-Busch InBev breweries in return for talks with the group on alternatives to its proposed job cuts ...
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