Modelo Board Is Said to Have Discussed Foster’s Takeover Bid Without Vote

Grupo Modelo SAB de CV discussed with its board of directors a proposal to make a joint bid for Foster’s Group Ltd. (FGL), though didn’t put it up for a vote at a June 13 meeting, said a person with knowledge of the matter.

Modelo may still be considering an offer for Foster’s, said the person, who declined to be identified because the matter is private. Modelo would need to win support from Anheuser-Busch InBev AB, which has 9 seats on Modelo’s 19-person board and holds a 50 percent non-controlling stake in the Mexican brewer.

Modelo has been talking with Molson Coors Co. about a joint offer for Foster’s, people familiar with the matter said earlier this month.

A spokeswoman for Modelo wasn’t immediately available after regular business hours. The Wall Street Journal reported on the board meeting earlier today.

To contact the reporter on this story: Serena Saitto in New York at ssaitto@bloomberg.net

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net

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