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VICTOR, N.Y., Mar 16, 2013 - (ACN Newswire) - Constellation Brands, Inc. (NYSE: STZ and STZ.B), Anheuser-Busch InBev (Euronext: ABI; NYSE: BUD), Grupo Modelo, S.A.B. de C.V. (BMV: GMODELOC), and Crown Imports LLC have made substantial progress in their discussions with the U.S. Department of Justice toward resolution of the Department of Justice's litigation, relating to AB InBev's proposed acquisition of the remaining stake in Grupo Modelo it does not already own, based on the terms of the revised transaction announced on Feb. 14, 2013.
Today, the companies and the Department of Justice jointly approached the Court to request an extension of the stay on their current litigation, currently due to expire on March 19, 2013, to April 9, 2013. The parties agree that an extension of the current stay will likely enable the parties to complete their discussions. If the parties reach an agreement, they will file a proposed consent judgment and related documentation with the Court. There can be no assurance that the ongoing discussions will be successful.
About Constellation Brands
Constellation Brands is the world's leading premium wine company that achieves success through an unmatched knowledge of wine consumers, storied brands that suit varied lives and tastes, and more than 4,400 talented employees worldwide. With a broad portfolio of widely admired premium products across the wine, beer and spirits categories, Constellation's brand portfolio includes Robert Mondavi, Clos du Bois, Kim Crawford, Inniskillin, Franciscan Estate, Mark West, Ruffino, Simi, Estancia, Corona Extra, Black Velvet Canadian Whisky and SVEDKA Vodka.
Constellation Brands (NYSE: STZ and STZ.B) is a S&P 500 Index and Fortune 1000(R) company with more than 100 brands in our portfolio, sales in about 100 countries and operations in approximately 40 facilities. The company believes that industry leadership involves a commitment to our brands, to the trade, to the land, to investors and to different people around the world who turn to our products when celebrating big moments or enjoying quiet ones. We express this commitment through our vision: to elevate life with every glass raised. To learn more about Constellation, visit the company's website at www.cbrands.com .
CONTACTS
Media
Angela Howland Blackwell: +1-585-678-7141
Cheryl Gossin: +1-585-678-7191
Investor Relations
Patty Yahn-Urlaub: +1-585-678-7483
Bob Czudak: +1-585-678-7170
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Constellation Brands Inc via Thomson Reuters ONE
Topic: Legal Action
Source: Constellation Brands
http://www.acnnewswire.com
From the Asia Corporate News Network
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