What you bet they expand it?
Hold muh beer 'n watch this!
Just damn.
If you want on the list, FReepmail me. This IS a high-volume PING list...
Posted on 07/22/2004 6:35:22 AM PDT by Clive
MONTREAL (CP) - Molson Inc., Canada's largest brewer, has agreed to merge with Adolph Coors Co. in a $6-billion US deal that creates a new beer behemoth and ends the independence of two of North America's biggest family-run brewing icons.
"This transaction allows us to create a stronger company in a consolidating global industry while preserving Molson's rich heritage as North America's oldest beer company and Canada's leading brewer," Eric Molson, chairman of Molson, said in a combined statement with Coors early Thursday.
The agreement would create the world's fifth biggest brewer - to be called Molson Coors Brewing Co. - as measured by volume of beer sold and the third-biggest brewer in the United States.
"This historic transaction combines 350 years of brewing excellence and will create a dynamic and competitive organization able to deliver long-term value to shareholders while continuing to be an important contributor to the communities in which we operate," Coors chairman Peter Coors said from Golden, Colo.
The Montreal company revealed the structure of the deal when it reported financial results early Thursday.
"The transaction is structured as a share exchange whereby Molson Inc. shareholders can either convert their shares to shares of the new entity or can elect to receive exchangeable shares on a tax deferred basis," Molson said.
Thursday's merger continues a wave of consolidation in the global beer industry that has seen U.S. and European brewers get bigger to grow more rapidly in an increasingly competitive international market.
It also means that Canada's two major brewers, which account for nearly nine in 10 bottles of beer sold in this country - will effectively be foreign owned. Molson's chief rival, Toronto-based Labatt Brewing, is controlled by Belgian beer giant Interbrew.
For Molson, the merger with Coors should expand its markets in the United States and help improve the company's financial fortunes, which have been hurt by an ill-fated 2002 expansion into Brazil and flat beer sales in Canada.
Molson reported Thursday that excluding special charges for restructuring and gains, net profits fell 19.3 per cent to $68.3 million in the three months ended June 30, the first quarter of the company's 2005 fiscal year. That was down from profits of $84.6 million last year.
Meanwhile, total Molson beer sales volume fell 3.4 per cent, including 2.8 per cent in Canada and 4.2 per cent in Brazil.
Quarterly revenues rose to $675 million from $661.8 million, the company reported.
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Finally, we'll be rid of that 'I Am Canadian' ad campaign.
Flush twice ... it's a long way to the brewery.
What you bet they expand it?
Hold muh beer 'n watch this!
Just damn.
If you want on the list, FReepmail me. This IS a high-volume PING list...
A Moose is stalking Colorado; it is the Moose of Molson.
I won't buy Coors anymore.
Oh man. I don't like this. Molson has so many good beers, I hope they don't get watered down by that Coors Lite crap.
I guess my 25 year boycot of Coors worked. I refused to buy any of their products after I found out they gave polygraph tests to their employees.
Drinking Coors is like fornicating in a canoe. Is Molsen any better?
It's like canoing on a waterbed.
Doesn't the FTC have to act like they have at least taken a look at this?
Sounds like Coors is bailing out Molson because Molson can't make it in the high tax atmosphere of Canada.
No. I go on a canoe trip every year to Canada. One year we did a fly-in cabin trip, where the outfitter flies back in on Wednesday to check in on us. I set up to have them fly me in another case of beer then, and they dropped off Molson. I was not impressed. I don't drink Coors, either. My tastes in beer run towards Samuel Adams, St. Pauli Girl, or sometimes Grolsh when I want something lighter. I also like ales like Bass.
Guess this means Coors can throw it's hat into the ring and run for President of North American beers.
Yes, that would be a relief. Molson is as full of it as the libs are when it comes to what being Canadian is.
Exactly my first thought.
Molsons came up for sale because of a fight in the Molson family.
You can be Canadians from Canadia, or Canadans from Canada.
You can't have it both ways!
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