Molson Buys Foster’s Stake in Joint Venture

Molson Cos. bought Australian partner Foster’s Brewing Group Ltd.’s 50% stake in the beer makers’ joint venture for about $680 million, giving it sole ownership of Canada’s biggest brewery. Foster’s last year rebuffed a Molson offer to buy the stake in the Molson Breweries venture, sending Molson Cos. on a futile search for an overseas acquisition. Molson Cos., whose beer brands include Molson Canadian and Molson Golden, said the Foster’s transaction ends the search. Toronto-based Molson Cos. also said it will acquire Foster’s 24.95% interest in a partnership with Adolph Coors Co. under which Molson brews and distributes Coors brands in Canada. Molson would own 49.9% of the partnership and Coors 50.1%.