Reuters: Global Markets: Shares of Mexico's Modelo slip on profit taking

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Shares of Mexico's Modelo slip on profit taking Jun 26th 2012, 17:34 MEXICO CITY | Tue Jun 26, 2012 1:34pm EDT MEXICO CITY (Reuters) - The shares of Mexico's No. 1 beer maker Grupo Modelo fell more than 4 percent on Tuesday as investors took profits after the stock soared more than 19 percent on Monday on news of a possible buyout deal with Anheuser Busch InBev. Modelo (GMODELOC.MX) shares fell as much as 4.85 percent to 111.20 pesos per share in local trading, due to investors selling to book profits from Monday, traders said. The brewer's shares leapt more than 19 percent to close at 116.87 pesos per share in the last session after it said it was in talks with Anheuser-Busch InBev (ABI.BR). The Belgian brewer already owns a 50.4 percent non controlling stake in Modelo. Morgan Stanley analysts wrote that a reported buyout price tag of about $12 billion for the chunk of Modelo that AB InBev does not already hold would imply an acquisition price of about 114 pesos per share. "We could see (the shares) adjust around the zone that analysts consider to be an adequate price level," said Carlos Alonso, a trader at Interacciones in Mexico City.

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