April 9, 2013
WASHINGTONAnheuser-Busch InBev (AB InBev) said it has reached an agreement in principle with the U.S. Department of Justice to resolve the government's lawsuit challenging the beer maker's $20.1 billion acquisition of Grupo Modelo.
The parties have asked a federal district court for an extension of a stay of the proceedings until April 23.
"This stay will allow the parties to finalize the details of a proposed consent judgment and the related definitive agreements and papers required for settlement," the companies said in a statement.
A deal with the government will remove a big hurdle for AB InBev, which is seeking to purchase the remaining stake in Grupo Modelo, the maker of Corona. The revised agreement would still be subject to approval by Mexican regulators.
Earlier this year, the Justice Department moved to block the deal, contending it would decrease competition and result in steeper beer prices.
AB InBev, which makes Budweiser, the "King of Beers", announced an agreement last summer to acquire the remaining 50% interest in Grupo Modelo.
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