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Friday, February 8, 2013

Constellation, Crown want in on US antitrust beer suit, (NYSE: STZ)

Constellation Brands Inc and U.S. beer distributor Crown Imports filed a court motion asking to be joined as defendants in the U.S. government's complaint against Anheuser-Busch InBev's proposed takeover of Grupo Modelo.The Motion to Intervene, filed in U.S. District Court for the District of Columbia, and made public on Friday, seeks to allow Constellation and Crown direct access to the legal proceedings as neither company was named in the complaint, but each is directly affected by its outcome.AB InBev, the world's biggest brewer, filed a memorandum in support of the motion. Mexico's Grupo Modelo joined in the filing.On Jan. 31, the U.S. Department of Justice sued to stop AB InBev from buying the half of Modelo that it does not already own, saying the $20.1 billion deal could mean higher U.S. beer prices.

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 0.82% or $0.26/share to $31.85. 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 4902574.