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Grupo Modelo shares surge on InBev takeover reports

Monday, June 25, 2012

Shares of Mexican brewer Grupo Modelo surged more than 11 percent on Monday after reports that Anheuser-Busch InBev is nearing a deal to buy the 50 percent of the company it does not already own.

Trading of the stock was suspended on Mexico's IPC stock exchange in early dealings.

A deal between Modelo, the maker of Corona beer, and the Belgian-based brewer Anheuser-Busch InBev could be clinched as early as this week, The Wall Street Journal reported on Sunday.

Source: Reuters