Pabst Brewing set to be taken over by Metropoulos-WSJ

May 26 (BestGrowthStock) – U.S. beer firm Pabst Brewing Co is set to
be taken over by investor C. Dean Metropoulos for about $250
million, the Wall Street Journal said, citing people familiar
with the matter.

In the past, Dean Metropoulos was behind well known consumer
brands such as Bumble Bee Tuna and Vlasic Pickles, according to
the Journal.

Metropoulos has reached an agreement to buy Pabst, whose
beer labels include Pabst Blue Ribbon and Olympia Genuine Draft
Style, from California-based Kalmanovitz Charitable Foundation,
the paper said.

Dollar sales of Pabst Blue Ribbon in food, drug and other
retail outlets rose 33 percent to about $172.7 million in the 52
weeks ending April 18, the Journal said, citing data from market
research firm SymphonyIRI Group.

The figure excludes sales at Wal-Mart Stores Inc (WMT.N: ) and
some other retailers, the paper said.

The charitable foundation has owned Pabst for almost a

The Internal Revenue Service (IRS) had ordered the trust to
sell Pabst under a federal law barring charities from owning
for-profit businesses for more than five years, the newspaper

After the foundation did not sell Pabst by a 2005 deadline,
the IRS granted a five year extension that expired this year,
the paper said.

Pabst and C. Dean Metropoulos & Co could not immediately be
reached for comment by Reuters outside of regular U.S. business

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(Reporting by Sakthi Prasad in Bangalore; Editing by Jon

Pabst Brewing set to be taken over by Metropoulos-WSJ