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CANADA: Molson turns his back on SABMiller sale

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The prospects that a bid for the Canadian brewer Molson by the UK-based brewer SABMiller would be successful were dealt a blow yesterday when Molson chairman Eric Molson said he would not sell.

Molson is currently attempting to merge with the US brewer Adolph Coors, but the deal has come up against some shareholder opposition.

Yesterday, SABMiller said it would be interested in bidding for Molson should the merger fail to get shareholder approval.

But in a statement Eric Molson, who is the company's controlling shareholder, said: "This company is not for sale and the merger of equals with Coors is the only option on the table on Jan. 19.''

Shareholders are set to vote next week on the proposal that would create the world's fifth-largest brewer.

Eric Molson, who controls 50.1% of the company's Class B voting shares, has also said that he won't convert the company to an income trust, an option some investors are calling for.


Sectors: Beer & cider

Companies: Molson Coors, SABMiller

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