MEXICO CITY – The National Foreign Investment Commission (CNIE) has authorized Belgium’s Anheuser-Busch InBev (ABI) to acquire, directly or indirectly, up to 100 percent of the shares of Mexico’s Grupo Modelo, the Mexican brewer said in a regulatory filing.
Grupo Modelo said in a filing with the Mexican Stock Exchange that the CNIE had approved the deal, which was reached in June.
The Federal Competition Commission (CFC) had approved the deal on Nov. 15, Grupo Modelo said.
The companies still need approval from regulators in the United States and other countries to close the deal, as well as the green light from Grupo Modelo’s shareholders.
ABI agreed in June to acquire the 50 percent of Grupo Modelo that it did not already own for $20.1 billion.
Grupo Modelo, founded in 1925 by Spanish businessmen who had settled in Mexico, is the leading brewer in the country.
The company operates seven breweries with the capacity to produce 70 million hectaliters annually.
Grupo Modelo sells beer under 13 different brands, including Corona Extra, which has the biggest market share in the world, exporting its products to 180 countries.
The company is the exclusive importer in Mexico of Anheuser-Busch InBev’s brands, such as Budweiser and Budweiser Light. EFE