MOLSON COORS BREWING CO. $83(New York symbol TAP; Aggressive Growth Portfolio, Consumer sector; Shares outstanding: 185.0 million; Market cap: $15.4 billion; Price-to-sales ratio: 4.0; Dividend yield: 2.0%; TSINetwork Rating: Average; www.molson coors.com) jumped 20% in response to Anheuser-Busch InBev’s offer to buy rival brewer SABMiller plc.
In 2008, Molson Coors merged its U.S. brewing operations with those of SABMiller to form MillerCoors. Each company has a 50% voting interest in this joint venture, but SABMiller gets 58% of the profits, while Molson Coors gets 42%.
To satisfy competition regulators, a combined Anheuser-Busch InBev and SABMiller would probably have to sell its stake in the MillerCoors joint venture.
Molson Coors has a right of first refusal over any sale and would probably buy SABMiller’s stake. This would cost around $10 billion, which is a high 74% of Molson Coors’s market cap.
Still, gaining control of MillerCoors would let the company realize more cost savings: since 2008, MillerCoors has saved roughly $1 billion by combining plants and distribution networks. Molson Coors could also offset all or part of the cost by selling part of the joint venture to another brewer.
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