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Fly News Breaks for May 24, 2017
BF.B, STZ
May 24, 2017 | 08:02 EDT
After CNBC reported that Constellation Brands (STZ) had made an approach to acquire Brown Forman (BF.B) that the whiskey maker's board rejected, Wells Fargo said the deal is unlikely to materialize. Among the obstacles are Constellation's inability to raise sufficient cash and the fact that Brown Forman "has repeatedly said it's not for sale," Wells Fargo stated. However, the firm says that Constellation could acquire a minority stake in Brown Forman or sell its wine and spirits business to Brown Forman. Wells keeps an Outperform rating on Constellation.
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