It's Official, Molson Coors Completes Full Ownership Of MillerCoors
Molson Coors Brewing Co (NYSE: TAP) has announced it has officially completed a full takeover of MillerCoors U.S. JV after the company took over Sabmiller Ltd (ADR) (OTC: SBMRY)'s 58 percent stake in the joint venture.
Molson Coors stock initially jumped after the Anheuser Busch Inbev SA (ADR) (NYSE: BUD)–SABMiller merger was first announced with the news that SABMiller would be giving up MillerCoors as a part of the deal.
"Today represents a historic moment in the evolution of Molson Coors as we emerge as the world's third largest brewer by bringing together Molson Coors and MillerCoors into a bigger, better organization," said CEO Mark Hunter.
Molson Coors is now the third largest brewer in the world in terms of enterprise value. As a part of the deal, the company also gains full ownership of the Miller brand outside of the United States.
"Having successfully operated the MillerCoors joint venture since 2008, we know the business well and have been working to ensure that today represents a seamless transition for our customers, partners, distributors and employees. It will really be business as usual," Hunter added.
Earlier in the week, Goldman Sachs called the deal "transformational" for Molson Coors.
Molson Coors is up 38 percent in the last year.
At Last Check ...
- Anheuser-Busch was up 0.57 percent at $128.21.
- Molson Coors was down 0.68 percent at $109.08.
- ADRs of SABMiller were down 1.20 percent at $54.63.
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