Constellation sinks as US sues to block beer deal
Americans spent at least $80 billion on beer last year, with Anheuser-Busch InBev's Bud Light being the top-selling beer and Modelo's Corona Extra being the best-selling import. Anheuser-Busch InBev and Modelo are the largest and third-largest beer companies in the U.S. and control about 46 percent of the market, the government said.
The government said Anheuser-Busch InBev's purchase of Grupo Modelo would "substantially lessen competition" for beer in the United States. That would result in people paying more for beer and having fewer new products to pick from, the government said.
The government said its lawsuit is intended to preserve the "head-to-head" competition the deal would eliminate.
Anheuser-Busch InBev, the world's biggest brewer, was created in 2008 when Belgian brewer InBev, which brews Stella Artois and Beck's, purchased U.S. beer giant Anheuser-Busch for $52 billion. Buying Grupo Modelo would have given the combined company annual sales of $47 billion and 150,000 workers in 24 countries.