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3/16, 1:45 AM (Source: TeleTrader)
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Constellation Brands selling wine brands for $2B - report

Constellation Brands, an American producer and marketer of alcoholic beverages, is in talks to sell some of its wine brands to California-based E & J Gallo Winery, CNBC reported.

Constellation, which is the biggest importer of beers in the United States, is looking to earn approximately $2 billion or less for the wine brands Clos du Bois, Mark West, and Arbor Mist, despite attempts to sell the business for $3 billion, people close to the matter told the media outlet.

This marks another move away from alcohol for Constellation, which recently invested $4 billion into marijuana company Canopy Growth Corporation.

Breaking the News / MD