The U.S. Justice Department has filed a lawsuit seeking to stop Anheuser-Busch InBev SA from buying the half of Mexican brewer Grupo Modelo that it does not already own, saying the $20.1 billion deal would lessen competition in the U.S. beer market.Trading in Constellation Brands, which would have distributed Corona beer in the United States if the transaction had been approved, was halted after it dropped 23.8 percent.The announcement pushed down AB InBev's share price by 5 percent. Shares in Mexican brewer Grupo Modelo fell to a seven-month low, down 9.5 percent to 105 pesos on the Mexican exchange.InBev, which bought Anheuser Busch in 2008, was the top U.S. brewer by far with 47 percent of the U.S. beer market going into the Modelo deal. It said it will contest the ruling.
Anheuser Busch Inbev SA is a brewing company. The Company produces, markets, distributes and sells a balanced portfolio of approximately 200 beer brands. Shares of BUD fell by 6.15% or $-5.79/share to $88.35. In the past year, the shares have traded as low as $62.59 and as high as $94.49. On average, 885518 shares of BUD exchange hands on a given day and today's volume is recorded at 5368435.
Constellation Brands, Inc. is a wine company. The Company is a marketer of imported beer in the United States. Shares of STZ fell by 20.42% or $-8.0/share to $31.17. In the past year, the shares have traded as low as $18.50 and as high as $39.65. On average, 1917850 shares of STZ exchange hands on a given day and today's volume is recorded at 12305643.
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