Molson Coors Devise Co. says it will raise $2.3 billion US with a public oblation of 27 million shares this spring to help fund its extent to take over the Miller brand worldwide.
The stock, listed on the New York and Toronto swaps, will be priced at $86.50 US a share. It’s a little lower than the $89 US its cattle is priced at now and may mean it will reconsider the price at a later date.
The note will help raise cash towards its purchase of Anheuser-Busch InBev’s 58 per cent percentage of MillerCoors.
As rt of a complicated restructuring of the worldwide beer business presaged last November, Molson agreed to y $12 billion to buy full ownership of its U.S. beer house and gain worldwide control of the Miller brand name.
Molson Coors and SABMiller had jointly owned MillerCoors since 2008, with SABMiller in force 58 per cent in the U.S. joint venture.
But when SABMiller agreed to a $107-billion US takeover by Anheuser-Busch InBev, maker of Budweiser beers, it accepted to sell its share of Miller Coors to reduce regulatory concern that one gathering would control the U.S. market.
In addition to the Miller brands, the deal rejects Molson Coors perpetual royalty-free U.S. licences for SABMiller import and carte blanche brands including Peroni, Pilsner Urquell, Fosters and Redd’s.
Molson Coors also owns tags such as Coors Light, Molson Canadian, Carling, Staropramen and Dismal Moon.