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Friday, April 5, 2013

AB InBev, Justice Dept request extended stay in beer deal, (NYSE: BUD)

The U.S. Justice Department and Anheuser-Busch InBev jointly requested on Friday that a stay in their legal fight be extended to April 23, but added that they had reached the framework of an agreement to settle. The two sides made the request in a legal filing."At this time, the parties have reached an agreement in principle on a resolution of this litigation," they said in the court filing.The Justice Department had filed a lawsuit on Jan. 31 aimed at stopping AB InBev, the world's largest brewer with some 200 brands, from buying the 50 percent of Grupo Modelo it does not already own for $20.1 billion.The case was filed in the U.S. District Court for the District of Columbia. It is United States of America v. Anheuser-Busch InBev and Grupo Modelo. The case is No. 13-cv-00127.

Anheuser Busch Inbev SA is a Belgium-based brewing company. Shares of BUD fell by 1.96% or $-1.95/share to $97.60. In the past year, the shares have traded as low as $64.99 and as high as $101.59. On average, 1891890 shares of BUD exchange hands on a given day and today's volume is recorded at 1232414.