| Fri 21 Dec 2007, 13:30 | | SAB - SABMiller Plc - Sabmiller and Molson Coors sign definitive agreement to |
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SAB
SOSAB
SAB - SABMiller Plc - Sabmiller and Molson Coors sign definitive agreement to
form Millercoors U.S. joint venture
SABMiller Plc
JSEALPHA CODE: SAB
ISSUER CODE: SOSAB
ISIN CODE: GB0004835483
SABMILLER AND MOLSON COORS SIGN DEFINITIVE AGREEMENT TO FORM MILLERCOORS U.S.
JOINT VENTURE
Transaction Remains on Track to Close by Mid-2008
21 December 2007 (London and Denver) -- SABMiller plc (SAB.L) and Molson Coors
Brewing Company (NYSE: TAP; TSX) today announced that they have signed the
definitive transaction agreement for the combination of the U.S. and Puerto Rico
operations of their respective subsidiaries, Miller and Coors, into MillerCoors
LLC, the joint venture that they announced on 9 October 2007.
Graham Mackay, Chief Executive of SABMiller, said, "Today`s announcement is an
important step forward towards completing the MillerCoors joint venture, a
combination that will ultimately allow us to better meet the needs of
distributors, retailers and consumers in the U.S. marketplace by providing
greater choice, product availability and increased innovation."
Leo Kiely, Chief Executive of Molson Coors, said, "This combination of our two
highly complementary U.S. businesses creates a stronger brewer and allows us to
better compete. We look forward to closing the deal in mid-2008 and are
cooperating fully with the regulatory clearance process."
The closing of the transaction is subject to obtaining clearance from U.S.
competition authorities, certain other regulatory clearances and any required
third-party consents. The Miller business and the Coors business will continue
to be conducted separately and in the ordinary course until completion of the
transaction.
Overview of SABMiller
SABMiller plc is one of the world`s largest brewers with brewing interests or
distribution agreements in over 60 countries across six continents. The group`s
brands include premium international beers such as Miller Genuine Draft, Peroni
Nastro Azzurro and Pilsner Urquell, as well as an exceptional range of market
leading local brands. Outside the USA, SABMiller plc is also one of the largest
bottlers of Coca-Cola products in the world. In the year ended 31 March 2007,
the group reported $3,154 million adjusted pre-tax profit and revenue of $18,620
million. SABMiller plc is listed on the London and Johannesburg stock
exchanges.
For more information on SABMiller plc, visit the company`s website:
www.sabmiller.com.
Overview of Molson Coors
Molson Coors is one of the world`s leading brewers. It brews, markets and sells
a portfolio of premium quality brands such as Coors Light, Molson Canadian,
Molson Dry, Carling, Coors, and Keystone Light. It operates in Canada, through
Molson Canada; in the U.S., through Coors Brewing Company; in the UK, Europe and
Asia, through Coors Brewers Limited. For more information on Molson Coors
Brewing Company, visit the company`s website, www.molsoncoors.com.
Overview of Miller
Miller produces, markets and sells the Miller portfolio of brands in the U.S.
The Miller business to be contributed to the joint venture (the "Miller
Business") does not include the sales of Miller brands outside the U.S., but
does include the sale of other SABMiller brands in the U.S.
Overview of Coors
Coors produces, markets and sells the Coors portfolio of brands in the U.S. and
Puerto Rico, which is managed as an integral part of the U.S. business, and also
holds 50% interests in the Rocky Mountain Metal Corporation and Rocky Mountain
Bottle Corporation joint ventures. The Coors business to be contributed to the
joint venture (the "Coors Business") will not include the sales of Coors brands
outside the U.S. and Puerto Rico. The business to be contributed does include
the sale of other Molson Coors brands in the U.S. and Puerto Rico.
This announcement is for information only and does not constitute an offer or an
invitation to acquire or dispose of any securities or investment advice or an
inducement to enter into investment activity. This announcement does not
constitute an offer to sell or issue or the solicitation of an offer to buy or
acquire the securities of SABMiller or Molson Coors (the "Companies") in any
jurisdiction.
The distribution of this announcement may be restricted by law. Persons into
whose possession this announcement comes are required by the Companies to inform
themselves about and to observe any such restrictions.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of
the U.S. federal securities laws, and language indicating trends, such as
"anticipated" and "expected". It also includes financial information, of which,
as of the date of this press release, the Companies` independent auditors have
not completed their review. Although the Companies believe that the assumptions
upon which their respective financial information and their respective forward-
looking statements are based are reasonable, they can give no assurance that
these assumptions will prove to be correct. Important factors that could cause
actual results to differ materially from the Companies` projections and
expectations are disclosed in Molson Coors` filings with the Securities and
Exchange Commission and in SABMiller`s annual report and accounts for the year
ended 31 March 2007 and in other documents which are available on SABMiller`s
website at www.sabmiller.com. These factors include, among others, changes in
consumer preferences and product trends; price discounting by major competitors;
failure to realize anticipated results from synergy initiatives; failure to
obtain regulatory consents or other third party approvals; and increases in
costs generally. All forward-looking statements in this press release are
expressly qualified by such cautionary statements and by reference to the
underlying assumptions. Neither SABMiller nor Molson Coors undertakes to update
forward-looking statements relating to their respective businesses, whether as a
result of new information, future events or otherwise. Neither SABMiller nor
Molson Coors accepts any responsibility for any financial information contained
in this press release relating to the business or operations or results or
financial condition of the other or their respective groups.
Contacts
For further information, please contact:
SABMiller / Miller
Tel: +44 20 7659 0100 / 414 931 2000
Nigel Fairbrass
Media Relations, SABMiller
Mob: +44 7799 894265
Molson Coors / Coors
Kabira Hatland
Media Relations, Molson Coors
Mob: +1 720-317-4172
Date: 21/12/2007 13:30:01 Produced by the JSE SENS Department.
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