Molson Coors to Become World’s Third Largest Brewer
DENVER & MONTREAL--(BUSINESS WIRE)--
Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) (“Molson Coors” or
“the Company”) today announced that the U.S. Department of Justice has
reached a final agreement with AB InBev and SABMiller, which will allow
Molson Coors to acquire SABMiller’s 58 percent stake in MillerCoors
(“MillerCoors”), as well as the Miller® brand portfolio outside of the
U.S.
The proposed AB InBev-SABMiller merger is still subject to clearance
from the Chinese regulatory authorities, as well as other non-regulatory
conditions, which are required in order for the transaction to close.
Mark Hunter, president and chief executive officer of Molson Coors
stated, “This represents a critical milestone on our journey to take
full control of MillerCoors upon the closure of the AB InBev-SABMiller
merger. The acquisition will allow us to simplify decision-making and
reduce the complexities of dual ownership; it will allow us to become a
more integrated and efficient brewer; and it will allow us to become a
more effective competitor as a single owner, promoting consumer choice
in an increasingly diverse and fast-growing brewing industry.”
Hunter continued, “We are still awaiting additional closing conditions
for the AB InBev-SABMiller merger to be completed, but we are now well
on our way to closing our transaction, which we expect will be completed
before the end of the year.”
About Molson Coors
Molson Coors Brewing Company is a leading global brewer delivering
extraordinary brands that delight the world's beer drinkers. It brews,
markets and sells a portfolio of leading brands such as Coors Light,
Molson Canadian, Carling, Staropramen and Blue Moon across The Americas,
Europe and Asia. It operates in Canada through Molson Coors Canada; in
the US through MillerCoors; across Europe through Molson Coors Europe;
and outside these core markets through Molson Coors International. The
Company is the only alcohol producer currently recognized for world
class sustainability performance through the Dow Jones Sustainability
Index. It was listed on the World Index for the past four years and
named global Beverage Sector Leader in 2012 and 2013. Molson Coors is
constantly looking for ways to improve its Beer Print. For more
information on Molson Coors Brewing Company visit the company's website, http://molsoncoors.com
or http://ourbeerprint.com
Forward Looking Statement
This press release includes estimates or projections that constitute
“forward-looking statements” within the meaning of the U.S. federal
securities laws. Generally, the words “believe,” "expect,”
"intend,” "anticipate,” “project,” “will,” and similar expressions
identify forward-looking statements, which generally are not historic in
nature. Although the Company believes that the assumptions upon
which its forward-looking statements are based are reasonable, it can
give no assurance that these assumptions will prove to be correct.
Important factors that could cause actual results to differ materially
from the Company’s historical experience, and present projections and
expectations are disclosed in the Company’s filings with the Securities
and Exchange Commission (“SEC”). These factors include, among
others, our ability to successfully close, finance and integrate the
acquisition of MillerCoors; our ability to achieve expected tax
benefits, accretion and cost synergies; our ability to obtain necessary
regulatory approvals for the acquisition of MillerCoors; impact of
increased competition resulting from further consolidation of brewers,
competitive pricing and product pressures; health of the beer industry
and our brands in our markets; economic conditions in our markets;
additional impairment charges; our ability to maintain
manufacturer/distribution agreements; changes in our supply chain
system; availability or increase in the cost of packaging materials;
success of our joint ventures; risks relating to operations in
developing and emerging markets; changes in legal and regulatory
requirements, including the regulation of distribution systems;
fluctuations in foreign currency exchange rates; increase in the cost of
commodities used in the business; the impact of climate change and the
availability and quality of water; loss or closure of a major brewery or
other key facility; our ability to implement our strategic initiatives,
including executing and realizing cost savings; our ability to
successfully integrate newly acquired businesses; pension plan costs;
failure to comply with debt covenants or deterioration in our credit
rating; our ability to maintain good labor relations; our ability to
maintain brand image, reputation and product quality; lack of
full-control over the operations of MillerCoors and other risks
discussed in our filings with the SEC, including our most recent Annual
Report on Form 10-K, which is incorporated by reference therein. All
forward-looking statements in this press release are expressly qualified
by such cautionary statements and by reference to the underlying
assumptions. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. We do
not undertake to update forward-looking statements, whether as a result
of new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160720006314/en/
Source: Molson Coors