US: Constellation Brands silent over Pabst Blue Ribbon Co interest
Constellation Brands released its full-year results yesterday
Constellation Brands' CEO has sidestepped a question on whether his company wants to buy US brewer Pabst Blue Ribbon Co.
In a call with analysts yesterday (9 April), Rob Sands said he “can’t comment” when asked if Constellation is looking at Pabst. Immediately after Sands was asked the question, Constellation investor relations VP Patty Yahn-Urlaub, who was hosting the call, stepped in, saying: “I think we are going to move to the next question”.
Reuters reported last month that Pabst, owned by private investment fund Metropoulos & Co, has been placed on the market. Metropoulos are said to be seeking up to US$1bn.
Pabst, one of the US's oldest brewers, was acquired by Metropoulos for a reported $250m in June 2010. As well as the namesake lager brand, the companies labels include Schlitz and Old Milwaukee.
Sands was speaking after Constellation released its full-year results in which sales and profits soared on the back of last year's Crown Imports takeover from Grupo Modelo.
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