Mexico’s Grupo Modelo has teamed up with Canada’s Molson Coors Brewing Company to sell its beer in Canada. The pair established a long-term joint venture known as Modelo Molson Imports, to import, distribute and market the Modelo beer brand portfolio in all Canadian provinces and territories, effective January 1. The joint venture board will consist of 6 directors, half from Grupo Modelo and half from Molson, including Jose Pares, VP International Markets for Grupo Modelo, and Dave Perkins, Molson Coors Chief Strategy Officer. The 50/50 joint venture will be headquartered in Toronto and led by Robert Armstrong, previously CEO for Modelo in Canada.
Yearly Archives: 2008
Posted inDaily Brief
PDVSA Completes $630m Cerro Negro Repurchase
Venezuelan state oil company PDVSA has bought back 99% of the debt linked to the Cerro Negro oil project for $630m. The amount includes $501m for 7.33% of 2009, 7.90% of 2020 and 8.03% of 2028 bonds – including $52m paid in premiums – and $129m in bank loans from a syndicate led by ABN Amro. With the cancellation of the debt, PDVSA plans to launch a new project called Petromonagas to replace the Cerro Negro venture. PDVSA’s stake in the new company will be 83.33%, with BP owning a 16.67% minority stake. The Cerro Negro project had been a joint venture between PDVSA and Exxon Mobil, with minority participation from BP.
Posted inDaily Brief
Venezuela “Strengthens” Bolivar
Venezuela has launched a new “Strong Bolivar” through the symbolic but economically futile deletion of three zeros off the end of its former currency. The typically heterodox measure is an apparent bid to curtail runaway inflation, but it may end up fuelling further rises if companies round up prices to cover costs of implementation. It may make transactions in Venezuela a little easier, but it does little to address the gulf between the official rate and the black market for Bolivares.