MEXICO/US: Grupo Modelo looks to arbitration to settle Anheuser-Busch row
The Mexico-based brewer, in which A-B holds a non-controlling 50% stake, confirmed today (16 October) that it has filed the notice, claiming the agreement between itself and A-B prohibits the transfer of A-B's stake to "a competitor in the beer business".
Modelo also claimed that the agreement does not allow A-B to transfer or dispose of its holding "without first giving the controlling shareholders of Grupo Modelo an opportunity to purchase the shares".
A-B said today that it believes there is "no merit to the claims".
It said: "After review of today's arbitration notice, A-B International Holdings continues to believe these claims are entirely without merit and it will vigorously contest such claims. A-B expects the arbitration will have no impact on the completion of the transaction with InBev."
InBev, meanwhile, has maintained throughout the takeover process that it has been holding talks with Modelo. Last month, a spokesperson said that the talks remained "ongoing".
The Belgium-based brewer today joined A-B in rejecting Modelo's claim, which it said was "entirely without merit". It said it still expected to complete the A-B acquisition by the end of the year.
The Mexican company, which owns the top imported beer brand into the US in Corona, has objected to InBev's US$52bn takeover of A-B since it was announced earlier this summer. In June, Modelo's CEO, Carlos Fernandez, quit his position on A-B's board, although no reason for the move was given.
Belgium-based beer giant Anheuser-Busch InBev saw its fourth-quarter profit plummet 95% yesterday (5 March), hurt by restructuring charges and poor beer sales. Michelle Russell looks at the reaction t...
Chinese brewer Tsingtao has reported a 25% increase in net profit for its full-year, as a rise in sales offset higher raw materials costs....
The top ten stories published on just-drinks this week:...
Anheuser-Busch InBev has unveiled its new management team for the UK and Ireland, following InBev's US$52bn takeover of its US-based rival last year....
Sun InBev, the Russian subsidiary of brewing giant Anheuser-Busch InBev, has launched a non-alcoholic version of the Stella Artois brand in the country....
Anheuser-Busch InBev has reaffirmed that it intends to dispose of assets but declined to comment on speculation that it has entered talks with Heineken over a sale of its Czech brewer, Pivovary Starop...
The vice president of corporate communications at Crown Imports has been named chairman of the National Association of Beverage Importers in the US....
The chief executive of North American Breweries has said the company has no plans to move Labatt USA's brewing operations out of Canada, according to a report....
- Why Chinese beverages won't conquer the world
- Is “Craft” the Next Big Thing for Soft Drinks?
- Gin: Plymouth's from Plymouth, London's from...?
- Petropolis Finally Moving into SABMiller's View?
- Coca-Cola pressure builds as bid rumours swirl
- Diageo confirms Australia RTD abv drops
- Pernod launches online Ballantine's "experiment"
- Global vodka sales slip in 2013 - research
- SABMiller returns to Brazil with Petropolis tie-up
- Pernod takes Absolut Warhol push to Travel Retail
- Early Signals: future scenarios that will drive consumption and product innovation over the next five years
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research
- Global vodka insights - market forecasts, product innovation and consumer trends research
- The IWSR Forecast Report - 2014-2019 Global Review
- The IWSR Global Trends Report 2014