Grupo Modelo SAB (GMODELOC) rose to the highest in three weeks after Anheuser-Busch InBev NV (ABI) said it’s in talks to resolve a U.S. government lawsuit that sought to block a takeover of the Mexican brewer.
Modelo rose 0.8 percent to 114.45 pesos at 10:33 a.m. in Mexico City trading, to the highest price on a closing basis since Jan. 30. Trading volume was more than double the three- month average. It was the third-biggest advance on the benchmark Mexican IPC index, which fell 0.8 percent.
AB InBev, Constellation Brands Inc. (STZ), Crown Imports LLC and the U.S. Department of Justice said they will ask the court to suspend litigation proceedings until March 19, according to an AB InBev statement issued yesterday. Leuven, Belgium-based AB InBev agreed in June to buy the 50 percent of Mexico City-based Modelo it didn’t own, seeking to increase its penetration of emerging markets.
“There can be no assurance that the discussions will be successful,” AB InBev said in the statement.
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