The makers of Miller and Coors beers are coming together for a new joint venture.
Molson Coors Brewing Company and SABMiller announced their plans
today. The new company will be called MillerCoors.
Officials say the joint venture will allow the companies to better compete with larger brewers, like industry leader Anheuser-Busch.
Miller operates a brewery in Eden, NC. There is no immediate word on what impact the merger would have on that brewery, if any.
SABMiller will own 58 percent of the new company and Molson Coors 42 percent. Both will have equal voting interests.
The vice chairman of Molson Coors will become the new company's
chairman, and Molson Coors' chief executive will be the CEO. The
CEO of Miller will become president and chief commercial officer.
The companies say final approval of the deal is expected by the end of the year.