UPDATE 1-Mexico’s Modelo in joint venture with Cargill

* Modelo in joint venture with Cargill to supply barley

* Cargill takes 49 percent stake in venture
(Adds quote, detail on alliance, stock price)

MEXICO CITY, April 14 (BestGrowthStock) – Mexican beer brewer Grupo
Modelo said on Wednesday it entered a joint venture with
agribusiness and trading giant Cargill [CARG.UL] to supply
barley to a plant in the United States.

Modelo (GMODELOC.MX: ), the brewer of Corona beer, said the
new joint venture would be called Integrow Malt LLC and would
occupy a plant in Idaho Falls.

“The venture will create value for Grupo Modelo at economic
and operative levels,” Modelo said in a regulatory filing.

Teaming up with Cargill would also help Modelo gain more
efficient operating practices, the Mexican company said.

Shares of Modelo, which is half owned by Anheuser-Busch
InBev (ABI.BR: ), were down 0.69 percent at 71.78 pesos on
Wednesday.

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(Reporting by Noel Randewich; editing by Gunna Dickson)

UPDATE 1-Mexico’s Modelo in joint venture with Cargill