MEXICO: Femsa sues Interbrew to halt Ambev deal
The Mexican brewer Femsa is suing Interbrew in order to stop parts of the deal that will see the Belgian brewer combine with AmBev to create the world's largest beer maker.
Femsa's US subsidiary, Wisdom Import Sales Company, has commenced litigation in the US District Court for the Southern District of New York, in Manhattan, against Interbrew, and its subsidiary Labatt Brewing Company Limited.
The litigation seeks to stop the transfer of the majority interest in the company that runs the US joint venture between Femsa and Interbrew subsidiary Labatt.
"It is Femsa's position that Wisdom's minority shareholder rights will be imminently violated because, among other things, the transfer of ownership is scheduled to occur in connection with the announced transaction, but without the required approval of Wisdom or its directors on the board of the joint venture company," Femsa said in a statement.
"Femsa found it necessary to take this legal action in order to preserve Wisdom's rights as the holder of the minority interest in the joint venture company," it continued.
Interbrew in a statement today said: "We regret that Femsa felt it necessary to take this action, but are confident that it will not interfere with the planned combination of Interbrew and AmBev. While we believe the suit is without merit, it does not change our previously stated desire to resolve our commercial differences with FEMSA on a basis that makes sound business sense for all parties."
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