Anheuser Busch gets more time to rework Grupo Modelo deal
February 21, 2013 -- Updated 0109 GMT (0909 HKT)
A federal judge in Washington Wednesday delayed proceedings to allow Anheuser-Busch to revise efforts to take over the brewers of Corona and Corona Light.
- Anheuser-Busch InBev revising takeover plan for Grupo Modelo
- Justice Department says takeover would increase beer prices
- Anheuser-Busch proposes selling Corona rights in U.S.
Washington (CNN) -- A federal judge in Washington Wednesday agreed to delay proceedings to allow Anheuser-Busch to revise its efforts to take over the Mexican brewers of Corona and Corona Light.
Judge Richard Roberts put off any court proceedings until March 19.
Last month Justice Department antitrust lawyers blocked Anheuser-Busch InBev from taking over Grupo Modelo of Mexico. The Justice officials argued that the merger of the nation's No. 1 brewer, makers of Budweiser and Bud Light, and the nation's third-largest brewer, Grupo Modelo, would be anticompetitive and harm consumers. The officials said beer prices would go up.
Anheuser-Busch then agreed to sell the rights to Corona and other Grupo Modelo brands in the United States to an independent company, Constellation Brands, a large wine company. It is unclear whether that $3 billion deal to sell the Corona rights would be enough to satisfy the Justice Department. The Anheuser-Busch merger with Grupo Modelo is estimated to be worth $20 billion.
Bud, Corona don't mix, Justice says
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