SABMiller, Molson Coors get US OK for joint venture

0 Comments | AFP, June, 2008

WASHINGTON (AFP) — British brewer SABMiller and US-Canadian Molson Coors said Thursday US antitrust regulars had concluded a review and that they are "free to proceed" with a joint venture in the US market under a new company called MillerCoors.

"SABMiller and Molson Coors expect the transaction to generate approximately 500 million dollars in annual cost synergies to be delivered in full by the third full financial year of combined operations," according to a joint statement.

"We are very pleased the US Department of Justice has given us clearance to proceed with the planned MillerCoors joint venture," said Graham Mackay, SABMiller's chief executive.

"Today's news underscores our strong belief that this combination will not only generate significant growth...