UPDATE 4-Mexican referendum rejects U.S. Modelo brewer in new investment blow [Reuters]
Constellation Brands, Inc. (STZ)
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Source: Reuters
UPDATE 4-Mexican referendum rejects U.S. Modelo brewer in new investment blow - Reuters 3 Min Read (Adds peso fall, analyst quote, file PIX available) MEXICO CITY, March 23 (Reuters) - The Mexican government announced on Monday that local residents voted by about 76% to reject the completion of a more than $1 billion Constellation Brands Inc brewery under construction, a development likely to further shake investor confidence. President Andres Manuel Lopez Obrador backed the weekend vote in the northern city of Mexicali, as he has in other high-profile projects including a partially built airport, as an exercise in local control. “They have to respect the decision of the people. I think (the company) will understand when there’s a result like this one,” said Lopez Obrador at his regular morning news conference. He said that his support for the result of the referendum does not mean his government is opposed to foreign private investment, adding that he plans to talk with Constellation
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