Molson Coors (NYSE:TAP) reportedly is in advanced negotiations with SABMiller to buy a majority stake in their USA joint venture MillerCoors.
The Financial Times first reported the talks between Molson Coors and SABMiller, calling the sale of the MillerCoors stake “key” to Anheuser-Busch InBev winning regulatory approval for its $104 billion purchase of SABMiller.
The talks come ahead of the Wednesday deadline for AB InBev to make a formal takeover bid for SABMiller or walk away from the deal.
No agreement has been reached and a deal could still fall apart, the people familiar with the talks said.
Molson Coors Brewing Co reported a 13 percent drop in net sales as a strong dollar reduced the value of its sales. Shares in AB InBev were down 0.4% in morning trade Tuesday, while those in SABMiller were up 0.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.