Molson Coors Brewing Co (TAP.N) and Corona beer brewer Grupo Modelo SAB de CV (GMODELOC.MX) have been exploring a joint bid for Australia's Foster's Group Ltd (FGL.AX), a source familiar with the situation said on Thursday. Banks including Bank of America Corp (BAC.N) and Deutsche Bank AG (DBKGn.DE) are helping the beer companies to come up with financing for a possible bid, the source said, declining to be named because the talks are not public. But a bid looks less likely than it did a few weeks ago because of concerns about the structure of the deal, according to Bloomberg, which first reported the news. "A deal with this structure just doesn't feel right," said Morningstar analyst Philip Gorham. "I can see why Molson Coors is interested, but I don't believe the structure of the deal as it's been rumored really works."
Molson Coors Brewing Company (MCBC) is a holding company. Shares of TAP fell by 2.99% or $-1.37/share to $44.39. In the past year, the shares have traded as low as $40.46 and as high as $51.11. On average, 1380300 shares of TAP exchange hands on a given day and today's volume is recorded at 3206701.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 0.36% or $0.04/share to $11.28. In the past year, the shares have traded as low as $10.91 and as high as $16.10. On average, 131292000 shares of BAC exchange hands on a given day and today's volume is recorded at 191010176.
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