NEW YORK: Molson and Coors have hired PR firms to handle their merger, which was coolly received by investors after its July 22 announcement even as it was touted as possibly creating the world's fifth-largest brewer.
Molson, Canada's oldest brewer, hired Edelman Canada shortly before the merger was announced, said Andy Merrill, a New York-based Edelman MD. "We're working very closely with their in-house public relations and investor relations team to support the transaction."
Colorado-based American brewing giant Coors hired Citigate Sard Verbinnen around the same time, said Carrie Bloom, a senior associate at Sard.
"We've been working with them since the beginning of July," Bloom said. "And we're doing media and investor relations support for the deal."
Merrill and Bloom declined to give details of the respective campaigns surrounding the merger.
The merger touched off a slide in stock prices at both Molson and Coors, which media reports blamed on Molson's shrinking market share in Canada and lagging sales in Brazil. The estimated initial $6.3 billion value of the Molson Coors Brewing Company shrunk to less than $6 billion within a week of the merger announcement.
The proposed merger is subject to shareholder approval.