Molson Cos. on Tuesday bought Australian partner Foster’s Brewing Group Ltd.’s 50 percent stake in the beermakers’ joint venture for $680 million, giving it sole ownership of Canada’s biggest brewer.
Toronto-based Molson has been trying to return to its brewing roots after a failed diversification into chemicals and retailing.
In April, Molson sold its 25 percent stake in a Canadian joint venture with Home Depot Inc. back to the U.S. company.
Molson also said it will acquire Foster’s 24.95 percent interest in a partnership with Adolph Coors Co. under which Molson brews and distributes Coors brands in Canada.
Molson will own 49.9 percent of the partnership and Coors 50.1 percent.
The Molson-Foster’s company is called Molson Breweries.
Foster’s said it will make a profit of $295 million on the sale and will pay back $470 million in debt.
