Anheuser-Busch InBev and the U.S. Justice Department said on Friday that they have reached an agreement for a framework to settle their long-running beer brawl, and asked a court to extend a stay in their court fight until April 23.The Justice Department 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, saying the deal could mean higher U.S. beer prices."At this time, the parties have reached an agreement in principle on a resolution of this litigation," the companies said in a filing to the court.When the deal was originally announced, AB InBev knew that it faced potential trouble in winning U.S. antitrust approval. So it announced upfront that it would sell its 50 percent share of Modelo's U.S. distributor, Crown Imports, to Constellation Brands, the world's largest wine company.
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 1315053.
Constellation Brands, Inc. is a wine company. The Company is a marketer of imported beer in the United States. Shares of STZ fell by 0.85% or $-0.41/share to $47.84. In the past year, the shares have traded as low as $18.50 and as high as $49.22. On average, 4962170 shares of STZ exchange hands on a given day and today's volume is recorded at 2980624.
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