SABMiller faces Corona mass ejection from Oz
SABMiller, the giant brewing company, has lost the import and distribution licence for Corona Extra in Australia.
SABMiller, the giant brewing company, has lost the import and distribution licence for Corona Extra in Australia.
Corona's owner, Grupo Modelo, has withdrawn the concession following SAB's £6.5bn takeover of the original licensee, Foster's, in December 2011.
Sales volumes of Corona Extra in 2011 were approximately 3%, or 600,000 hectolitres, of a total Australian market of some 18m hectolitres.
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SAB shares have gained 16% since the Foster's deal was given final approval by Australian regulators on Dec 2.
BS
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