Blog: Molson Coors extinguishes the embers on Foster's?
Chris Mercer | 2 August 2011
Does Molson Coors' decision to spend US$1.2bn to buy back its own shares deliver the knockout blow to lingering thoughts about the brewer acquiring Foster's Group?
I think the answer is yes, if that blow has not been delivered already. I think we can forget about Molson's potential tilt at Foster's, whether via a tie-up with Grupo Modelo or anyone else.
It seems unlikely that Molson would have the resources to fund both.
In reality, it has been distancing itself from the Australian brewer for some time. Late last year, Molson announced it would sell its 5% stake in Foster's.
Where does the buyback leave Molson Coors' acquisition strategy? With not many big players left to buy, the group will be looking for add-ons in the emerging markets, most likely. It recently acquired the stricken Cobra beer operations in India.
Some people in India believe alcohol should be more difficult to purchase. Last month, the state of Bihar halted all alcohol sales as its chief minister made good on an election promise. ...
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