Adolph Coors Company
Friday said the
Securities and Exchange Commission
had approved its proposed merger with Canada's Molson.
Coors said each company will hold a special meeting of its shareholders on Jan. 19 to vote on the agreement. In addition, Molson said the Superior Court of the Canadian province of Quebec had granted an interim order approving the holding of its meeting.
The Federal Trade Commission approved the merger in October.
Coors is the world's eighth-largest brewer, while Molson is Canada's largest brewer. On July 22, the companies announced plans to merge, creating the industry's fifth largest company under the name Molson Coors. The beer industry has undergone enormous consolidation in recent years.
In the third quarter, Coors reported net income of $64.1 million, or $1.68 a share, vs. $61.4 million, or $1.68 a share, a year ago, missing analysts' earnings expectations. Molson lost $96.2 million in its third quarter.
Coors shares fell 39 cents, or 0.5%, to $73.86.