Corona Beer Maker’s Largest Holder May Cede Some Control
- Former CEO and family propose switch to one stock class
- Change should appeal to investors who want more say: analyst
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Constellation Brands Inc.’s controlling family proposed relinquishing some of its voting power, which could make the Corona beer maker more flexible for deals.
The Sands family has proposed that each share of Class B common stock be converted into 1.35 shares of Class A common stock, Constellation said in statement Monday. The family would continue to be the company’s largest shareholder, but its voting power would be cut to 19.7% from 59.5%, according to a separate regulatory filing.