CANADA: Constellation gets anti-trust ok on Vincor
Constellation Brands has been given final clearance by Canadian competition authorities for its acquisition of wine producer Vincor International.
The Investment Review Division of Industry Canada and Canada's Competition Bureau have confirmed that no further filings or approvals will be necessary.
The US wine giant had its improved C$36.50 (US$31.05) bid accepted by Vincor's board of directors last week (3 April), after months of negotiations.
Constellation was granted initial approval and given a 'no action' letter from the Competition Bureau, in November last year. The company now does not expect any regulatory obstacle to halt the Vincor transaction.
To seal approval, Constellation has agreed to support the growth of Vincor's Canadian business domestically and internationally, maintain existing wineries, warehouses, vineyards and Wine Rack retail shops in Canada, and keep virtually the same management teams at those facilities.
Vincor's shareholder vote on the acquisition is scheduled for 1 June, with the transaction scheduled for closure within a week of this date.
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