ABInBev Offers to Spin Off Corona Brands

Anheuser-Busch InBev has agreed to sell Modelo’s Piedras Negras brewery in Mexico, near the U.S border, to Constellation and grant it perpetual rights for Corona and other Modelo brands in the United States, at a cost of $2.9 billion in hopes of ending U.S. Department of Justice concerns that the deal would mean higher prices in the US beer market.

The U.S. antitrust agency filed a lawsuit last month to block the deal between the makers of Budweiser and Corona on grounds that it removed an independent competitor and opened the door to higher prices.

No word yet if this offer will satisfy the DOJ.