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Stock Market & Financial Investment News

News Breaks
February 8, 2013
14:47 EDTSTZ, BUDConstellation Brands, Crown file legal motion to defend interests
Constellation Brands (STZ) and Crown Imports said they filed a Motion to Intervene in U.S. District Court for the District of Columbia to ensure the companies interests are represented as part of the U.S. Department of Justice's complaint against the proposed Anheuser-Busch InBev (BUD) acquisition of Grupo Modelo. Constellation has a separate proposed transaction with AB InBev to fully acquire Crown, currently a 50/50 joint venture with Modelo. Constellation and Crown were not named as part of the Jan. 31, 2013 DOJ complaint; however, they said the complaint directly impacts both companies. This motion will seek to permit Constellation and Crown to have direct access to the legal proceedings. Constellation and Crown argue the transactions are good for beer consumers as Crown will be a stronger competitor in the U.S., and states the deals will improve competition in the U.S. beer industry.
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