The US brewer of Budweiser owns 50 per cent of Modelo, which has a 63 per cent share of domestic and export sales and Corona is the best-selling imported beer in the States.

At the time of going to press, Modelo said in a statement: “Our agreement with Anheuser-Busch was carefully constructed to ensure we have a definitive say in who our partner is. We are confident that our agreement, which is governed by Mexican law, gives us the right to decide whether or not to consent to the potential acquisition of Anheuser-Busch by InBev. We have a great deal of respect for InBev and look forward to continuing our discussions with them and hope to find a resolution that meets the needs of both companies and their stakeholders.”

Modelo has seven brewing plants in Mexico, with a total annual capacity of 60 million hectolitres. It brews and distributes 12 brands, including Corona Extra, the number one Mexican beer sold in the world, Modelo Especial, Victoria, Pacifico and Negra Modelo. It exports five brands and is present in 159 countries. It is the importer of Anheuser-Busch's products in Mexico, including Budweiser, Bud Light and O'Doul's. It also imports the Chinese Tsingtao brand, in which Anheuser-Busch has a 27 per cent interest, and the Danish beer Carlsberg.