FAIRPORT,
N.Y., April 10, 2006 - Constellation
Brands, Inc. (NYSE: STZ, ASX: CBR) has received confirmation from the Investment
Review Division of Industry Canada, and Canada’s Competition Bureau, that no
further filings or approvals are necessary in connection with the company’s
acquisition of Vincor International Inc. Last November Constellation Brands
received approval from the Minister under the Investment Canada Act and a
“no
action” letter from the Competition Bureau, clearing the way for the
acquisition.
The
statutory
waiting period in the United States under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, which had been previously submitted, expired in
November 2005, so that the Act poses no barrier to Constellation Brands
proceeding with the acquisition. Constellation Brands does not expect that
any
regulatory matter will result in a barrier to closing the transaction to
acquire
Vincor.
During
the review
of the proposed transaction, under the Investment
Canada Act, Constellation
Brands agreed to a
number of
negotiated enforceable commitments consistent with its intentions to invest
in
and grow Vincor’s business. These commitments assisted the Minister of Industry
in determining that the investment is of net benefit to Canada.
Constellation
Brands intends to support the growth of Vincor’s Canadian business domestically
and internationally. Its management has also provided
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commitments
regarding the maintenance of all Vincor’s wineries, warehouses, vineyards and
Wine Rack retail shops in Canada, as well as to maintain virtually the same
management teams at those facilities.
An
information
circular relating to the transaction is expected to be sent to Vincor
shareholders in the latter half of April, with the shareholder vote scheduled
for June 1, and closing of the transaction scheduled for the first week in
June
2006, subject to customary regulatory approvals and other closing
conditions.
About
Constellation Brands
Constellation
Brands, Inc. is a leading international producer and marketer of beverage
alcohol brands with a broad portfolio across the wine, spirits and imported
beer
categories. Well-known brands in Constellation’s portfolio include: Almaden,
Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Nobilo, Alice
White,
Ruffino, Robert Mondavi Private Selection, Blackstone, Ravenswood, Estancia,
Franciscan Oakville Estate, Simi, Robert Mondavi Winery brands, Stowells,
Blackthorn, Black Velvet, Mr. Boston, Fleischmann’s, Paul Masson Grande Amber
Brandy, Chi-Chi’s, 99 Schnapps, Ridgemont Reserve 1792, Effen Vodka, Corona
Extra, Corona Light, Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl,
Tsingtao. For additional information about Constellation Brands, as well
as its
product portfolio, visit the company’s Web site at www.cbrands.com.
Forward
Looking Statements
This
press release
contains "forward-looking statements" within the meaning of Section 27A of
the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934.
These forward-looking statements are subject to a number of risks and
uncertainties, many of which are beyond Constellation’s control, that could
cause actual results to differ materially from those set forth in, or implied
by, such forward-looking statements. All statements other than statements
of
historical facts included in this press release are forward-looking statements.
All forward-looking statements speak only as of the date of this
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press
release.
Constellation undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
There can be no assurance that any transaction between Constellation and
Vincor
will occur, or will occur on the timetable contemplated hereby. For
additional
information about risks and uncertainties that could adversely affect
Constellation's forward-looking statements, please refer to Constellation's
filings with the Securities and Exchange Commission, including its Annual
Report
on Form 10-K for the fiscal year ended Feb. 28, 2005, and Constellation's
Quarterly Report on form 10-Q for the fiscal quarter ended Nov. 30, 2005,
which
contain a discussion of additional factors that may affect Constellation's
business. The factors discussed in these reports could cause actual future
performance to differ from current expectations.
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