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Constellation Brands : Mexican City's Residents Reject Constellation Brewery in Referendum -- Update

Author: Market Screener, Published on: 23 March 2020

…Around 76% of those who voted rejected the project developed by Constellation, the third-largest U.S. beer producer and brewer of Mexico's Corona and Modelo brands for U.S. consumers. Turnout was less than 5% of eligible voters.

As a result of the vote, the government won't grant a water supply permit to Constellation Brands, Deputy Interior Minister Diana Álvarez said on Monday…

The cancellation of such a large-scale project sends a negative signal to foreign investors, business groups say…

"Farmers were not taken into account when this project was launched," said René Prieto, a forage, corn and alfalfa producer in the Mexicali Valley who voted against the plant's construction…

Mr. López Obrador said he will meet with the company's management and evaluate a possible relocation of the plant to a region with greater water sources.

"We have to listen to the people and govern with the popular mandate," Mr. López Obrador said Monday…

The country's top business confederation said the referendum was conducted in an irresponsible way as coronavirus infections spread rapidly across the country.

"Carrying out a referendum to determine the viability of a private investment project that has all the permits violates the current legal framework and creates an environment of legal uncertainty in Mexico," the organization said in a statement on Sunday…

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Related companies: Constellation Brands