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Friday, February 8, 2013

Constellation, Crown file motion in U.S. Modelo suit, (NYSE: STZ)

Constellation Brands Inc and U.S. beer distributor Crown Imports filed a motion to ensure their interests are represented as part of the U.S. government's complaint against Anheuser-Busch InBev's proposed takeover of Grupo Modelo.The Motion to Intervene, filed on Friday in U.S. district court for the District of Columbia, seeks to allow Constellation and Crown direct access to the legal proceedings. They were not named as part of the complaint, though the complaint directly affects both companies, they said.On Jan. 31, the U.S. Department of Justice sued to stop the world's biggest brewer from buying the half of Mexico's Modelo that it does not already own, saying the $20.1 billion deal could mean higher U.S. beer prices.The suit calls into question the future of one of the biggest deals of 2012, which would add beers like Corona Extra and Modelo Especial to a giant portfolio that already includes Budweiser, Beck's and Stella Artois.

Constellation Brands, Inc. is a wine company. The Company is a marketer of imported beer in the United States. Shares of STZ traded higher by 0.52% or $0.165/share to $31.76. In the past year, the shares have traded as low as $18.50 and as high as $39.65. On average, 3034670 shares of STZ exchange hands on a given day and today's volume is recorded at 3563271.