InBev Takes Full Control of Corona Brewer for $20 Billion

Grupo Modelo will retain its name and its headquarters in Mexico.

Beer giant Anheuser-Busch InBev SA on Friday said it will buy the half of Mexican firm Grupo Modelo SAB de CV -- maker of Corona -- that it does not already own for $20.1 billion in cash.

The deal will be done on the basis of $9.15 per share, representing a premium of 30% on the price on June 22 before the first rumors of the transaction.

Anheuser-Busch InBev (IW 1000/106) said it expects the operation to generate savings of more than $600 million per year.

Grupo Modelo (IW 1000/511) will retain its name and its headquarters in Mexico.

InBev, a Belgian-U.S. group, is one of the biggest brewers in the world.

 It said it will cover part of the cost by selling to U.S. group Constellation Brands half of the capital in the U.S. importer of Corona for $1.85 billion, according to a separate statement issued by Constellation Brands.

Constellation Brands already owns half of the importing firm, Crown Imports.

Anheuser-Busch InBev was created in 2008 in a deal worth $52 billion that brought together the Belgian-Brazilian company InBev with St. Louis-based Anheuser-Busch.

Copyright Agence France-Presse, 2012   

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