US: Coors joins Molson in saying yes to merger
Shareholders at Coors have voted in favour of the merger with Molson. At a special meeting of its stockholders yesterday (1 February), all of the steps necessary to complete Coor's merger with Molson were approved.
All of the company's Class A Common shares are held by the Adolph Coors, Jr. Trust and were voted in favour of the merger proposals. The company's Class B Common shares are publicly held, and over 34.7m of the outstanding shares were voted, with 33.5m shares (92.4% of outstanding shares) voting in favour of the merger proposals.
"This is a momentous time for our company," said Peter Coors, chairman of the board. "We are very appreciative of the support shown by our shareholders for the joining together of two great beer companies and traditions - Coors and Molson."
"We are extremely pleased that Coors shareholders recognise the compelling strategic and economic benefits of this merger," said Leo Kiely, chief executive officer of Coors. "We now expect to complete the transaction on 9 February, allowing us to quickly begin executing on the comprehensive integration plans we have been preparing."
The final approval from the Quebec Superior Court will be sought today.
Together, Molson and Coors will form the fifth largest brewer in the world, with combined volume of 51m barrels and pro-forma net sales of US$6bn.
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