Molson Coors Brewing Co reported a 13 percent drop in net sales as a strong dollar reduced the value of its sales. Analysts polled by Thomson Reuters expected the company to report earnings of $1.28 per share for the quarter.
Advertisement
Molson Coors also named David Heede, chief financial officer of its Europe business, as its interim CFO, effective November 16.
The move is seen as a critical deal for securing regulatory approval for Anheuser-Busch InBev’s GBP68.0 billion takeover of London-listed SABMiller.
Molson Coors has the right to name new management in the event of a change in control and the right to make the first and last bid for the remaining stake in MillerCoors, both of which could deter potential bidders.
AB InBev, the world’s largest beer maker, is in the process of buying SABMiller in a deal worth more than $106 million, which could impact Molson Coors stake in Miller Coors.
Molson Coors shares fell 0.7% to 88.08 on the stock market today, but are up 18% for the year.
Advertisement
Duke Energy shares have declined 14 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 2 percent.
