Grokking ABI's Antitrust Chances

FILED JUNE 27, 2012

June 27, 2012

Dear Client:

While it's tough to handicap what the government will do, we asked veteran bev-alc attorney Drew Jaglom of Tannenbaum Helpern Syracuse & Hirschtritt LLP to perform a side-of-envelope analysis on how the Feds might view an acquisition of Grupo Modelo's brands by ABI in the United States, ergo an acquisition of the Crown Imports joint venture. Here is what he had to say:

"Harry, in your earlier articles on the ABI-Modelo talks, you referred to 'certain formulas with German sounding names.' What you were referring to was the Herfindahl-Hirschman Index (HHI) of market concentration, a measure of how concentrated - and therefore anticompetitive - a given market is. (Incidentally, while Hirschman was indeed German, Herfindahl was a North Dakotan of Swedish descent. So you were half right.)

"Without getting into the technical details of how the HHI is calculated*, the Horizontal Merger Guidelines put out by the Department of Justice and the FTC classify markets as highly concentrated (HHI above 2500), moderately concentrated (HHI of 1500-2500) or unconcentrated (HHI below 1500).

"They also classify mergers by how they change the concentration of a market. Small changes in concentration (an HHI increase of less than 100), or mergers that result in an unconcentrated market, are viewed as not likely to have an adverse effect on competition, and generally do not require further analysis. Mergers resulting in moderately concentrated markets that involve an increase in the HHI of more than 100 points do potentially raise significant competitive concerns and so often are reviewed more closely. And mergers resulting in highly concentrated markets that involve an increase in the HHI of between 100 points and 200 points potentially raise 'significant competitive concerns' and will generally be reviewed; if the HHI increase is over more than 200 points, DoJ and FTC will presume the merger will be likely to enhance market power and will require persuasive evidence to the contrary before allowing the merger to proceed.

"So what does all this mean for ABI and Modelo? Well, looking at some 2011 market share data for the top 10 suppliers, I calculate an HHI for the beer industry of about 3067, making it a highly concentrated market. And if we combine ABI and Crown, the HHI shoots up to over 3600, an increase of 533 points, well above the 200 point threshold for a presumption of anticompetitiveness.

"Bottom line: It will be very tough to persuade the Justice Department or the FTC that ABI taking over distribution of Modelo in the U.S. should be permitted. That doesn't mean ABI won't be permitted to acquire the rest of Modelo, but it does mean that the antitrust authorities are likely to insist on the Modelo brands continuing to be distributed independently of ABI, as they are today by Crown.

"One note of caution: this analysis assumes that beer is a relevant market for antitrust purposes. There is some basis for an argument that the relevant market should be all alcoholic beverages , rather than just beer, because arguably a "a small but significant and non-transitory increase in price" (a "SSNIP") of 5% on all beer would result in significant sales losses to wine and spirits, to the point that the price increase would not be profitable. It's an uphill battle, I think, but obviously the ABI and Crown market shares are far less if you look at all alcoholic beverages rather than just beer. I haven't done that analysis, but I'm pretty confident that if you did, the proposed acquisition would pass muster.

[* For math geeks, the HHI is the sum of the square of the market share of each industry member. A monopolist with 100 share yields an HHI of 10,000. Five sellers with 20 share each mean an HHI of 2,000. One hundred sellers each with 1 share yield an HHI of 100.]

There you have it. It seems ABI has an uphill battle if Crown is indeed in their sights. My opinion is that ABI will leave the Crown Imports J-V in place until the contract is up in 2016, then renegotiate the terms just as Modelo would've done. But you never know.

Another consideration that an alert reader pointed out: Close to 10% of A-B's U.S. volume goes through brewery-owned branches. Vertical integration is also an antitrust issue, and "part of the reason the three-tier system was put in place." The feds are not above looking at antitrust at the distributor level, as we often saw in the 1970s, though not much action since then. So lots of moving parts.

A-B already has branches in Boston, Mass.; Canton, Ohio; Chicago, IL; Denver, Colo.; Eugene, Ore.; part of Los Angeles, Calif.; Louisville, KY; New York, NY; part of New Jersey, NJ; Oahu, Hawaii; Oklahoma City, Okla; Pomona, Calif.; Riverside, Calif.; San Diego, Calif.; Seattle, WA; Tulsa, Okla. Would they want Corona in those markets?


THE STANDARD AND POOR'S STOCK INDEX has announced that Monster Beverage will be added to the S&P 500 index this week. It will replace Sara Lee which is splitting its business into two stocks. Earlier this year there was much speculation on whether Coke would make an offer for Monster, but that never came to fruition.

LOOK EAST, YOUNG MAN. Yet another west coast craft brewer looking to build a brewery on the east coast. Green Flash of San Diego is looking at locations for an east coast brewery, according to Craft Business Daily . Looking to be finished by January 2015.

CHRISTINE CELIS has re-acquired the Celis name and plans to brew her father, the late Pierre Celis, famous wit beer again in Austin. Celis was acquired by Miller in the late 1990s and then shut down and sold in 2000. Stay tuned for updates.

Until tomorrow, Harry

"Be sure your wisest words are those you do not say."
-Robert W. Service

Make yourself heard, your opinions count. Anonymous feedback and tipster form:

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SEPTEMBER 15, 2015
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Audio clip: Adobe Flash Player (9 or above) to play this audio clip. Click here to download the latest version. You need to open your browser's JavaScript support. Tracks: [South] train OF Beihai boat: white tree NJ: Southern Ship Date: 2014/12/13 Release: neighbor's ear audio radio puddles beside the ruins of the ancient ruins evaporate Nike Air Max 90 Honeycomb Women into a cloud killer fought new off-target shot Nike Air Max 90 Hyperfuse (Women Nike Air Max 90 Hyperfuse (Women time is etched with tears outside the umbrella stray bullet killed someone when it began to rain Nike Air Max 90 Hyperfuse (Women and we had here had died so easily track where there had been the site Nike Air Max 90 Flower Women where the Air Jordan 1 setting sun lit clouds dumped old Nike Air Max 90 Hyperfuse (Women house smashed over Wildcats spine when I passed by the time the inn Michael Kors Christmas Cases overlying barren dry pond scum lip pour the broken Nike Air Max 2014 Men lamp uphold Sheng dissatisfied evening that no one dizzy drunk here Nike Air Max 90 Hyperfuse (Women the next time we come together to spit some tobacco talk about some who do not understand the secular Air Max for Men deviant then Air Jordan 14 Retro do not say do not say love is caused by past life in the past caused by forgetting to forget Nike Air Force one the cows as usual tomorrow morning on the Southern ship bloom ---------- ---------- South Boats Air Jordan 11 Postscript (helmsman to die): \u0026 lt; learn a guitar and began loading force \u0026 gt; Nike shoes online 'the next village, you write Nike Air Max 90 Hyperfuse (Women a word, I made into a song children.' So the next village sent, I reflected for a moment, then sing Air Jordan 10 out , it is the song 'Story of flowers.' Just sung, nor played a prelude to what's between, I can not wait to send recorded under the village, Nike Air Max 90 Hyperfuse (Women then the village seemed very pleased at the Air Max for Women way that sounds good. Ah, I feel just fine to hear. Ha ha ha. In fact, after just casually play it, at night the village sent to this complete audio, I did not know she was also added to this recording, and his songs are so many people hear, think, or Nike Shoes Global a little excited about it  Ī?? Just sounds a bit noisy hostel, helpless. Kankan told me that day, Michael Kors Bedford & Astor have the Michael Kors Hamilton recording to her and then into the radio, and later gave this thing to forget. Our group recently little deserted south boat, small partners are busy learning or their work. I told the next day probably only village inside gag. One day I asked the next village, which is not quite decadent ah. I said, a little. Then I do not know how to do. Day or a day this continues. Time space extending from countless hands, take everything you can calculate what time, my only only thrown void, I became a lonely awkward waste wood. If someone put me Air Jordan 12 light enough. Once he said a lot, do Lebron James Shoes not say. , The next village, point. South Boat Postscript (Captain below): So I sat on a chair downstairs spit a few cigarette, hastily wrote Nike Shoes a few words. Not a good lyrics, the lyrics do not know count. But when the dead Michael Kors Clutches really hear it sing, and also sing so nice of the time all of my heart. I look like a very happy ha ha ha .... We had did not give the name Air Jordan 13 Retro Michael Kors Designer of this song, if I write a long point like it, but unfortunately Fucai. The song finally put to death in the audio. Before I went to bed to die and said: This nice ah, right now. To death, he said: right. I guess he must laugh at the screen, anyway, I laughed. Like when we listen to 'Story of flowers' as spitting smoke giggle. Not much to say. Finally, let us like a poem written in white, like a tree, continued to spit some who do not understand the secular smoke, talk about some deviant words, any time barren. (Kankan ... in fact, read poetry to the dead ....) ---------------- 'Story of Flowers' 2014-9-21 words: Village Qiu Fu Qu: Facing Death Her story undersea cliffs open into a flower in her obscure Love diverge into a dim light at sunset falls on my window I ah I die in your story ah me in the past you late in your future accompany others just a child ah ------------------ south boat microblogging: Southern North Sea Boat - pirates Trackback: Michael Kors Accessories train neighbor's ear Call for audio radio ing, please Contributors sends audio to details, see the neighbor's ear audio radio call for papers requested Click for more stations with Cheap Michael Kors sound ... This article is copyright belongs to the authors of all, reproduced please contact the author and indicate the source: the neighbor's ear and the link address : [South] Beihai boat train neighbor's ear, have to listen to ideas. Microblogging website @ neighbor's ear micro-channel public number: linjudeerduo2012
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AUGUST 20, 2015
Suntech founder Europe Peng: Rogue seven Nike Jordan Hydro 2 years, we are on the road to survive the transition 1%
i dark horse: In 2008, the founder of Suntech Europe Peng proposed \u0026 ldquo; \u0026 Nike Shox rdquo ;, Internet strategy since the night sneak seven years off after financing, personnel clearance, technical clearance, route clearance, business relationship, product off, tissue Nike Jordan Super Fly 2 off Today, one week Internet course Suntech income 8,000,000, net of income hey learn 1,500,000, it is the traditional enterprise transformation of one percent survive. \u0026 Ldquo; This is a war for seven years to prepare, and you only see the moment shot. \u0026 Rdquo; asked me a few days ago a peer micro letter: \u0026 ldquo; the EU total, you are to cut off the line of business are you? \u0026 Rdquo; I answer \u0026 ldquo; Yes \u0026 rdquo ;, then he asked \u0026 ldquo; do not feel bad? \u0026 Rdquo; the moment I suddenly realized that, as a normal human is that I feel bad the way, the truth was I had no feeling. Because all what happened today, we Nike Lebron 11 predicted seven years ago, even in the last seven Nike Air Nike Blazers High Max years of more than 2,500 days and nights, we travel thousands of miles just to sneak the night that day, every year we have experienced a life and death exams. In 2008, financing closed in Penny Hardaway 2008, we proposed the \u0026 ldquo; Internet Strategy \u0026 rdquo ;, operating income at that time, only 40 million Suntech, technical staff is zero. When the country launched the \u0026 ldquo; 4 šł*šļŅ plan \u0026 rdquo ;, Accordingly, we infer Chinese economy will enter an era of high inflation, Cheap Nike Free Outlet while labor and rent costs is inevitable, but the two biggest cost is the cost of educational institutions, education organization of the living space in the future will be constant pressure, the solution Nike Blazers Low Womens is fully Internet-based. So I'm interested to see investors rushing, met with dozens of investors, no one interested. Investors are generally not optimistic about the traditional Internet business transformation, they even think that a fledgling child may be more than a traditional business owner to do better, they think in fact there is a certain reason, because they are extremely vulnerable to the human past the successful experience of the bondage. After much blow, I decided to put face to face only big business, big enough for a money-losing Internet business to provide a steady stream of cash flow support. In 2009, people close but still have a dream, if achieved it. In 2009 when I buried bitter for face to face business, in a hurry always see practitioners, Internet education, was the largest of the three-campus is Paul, east Austria and Universal's key executives, there are people that would like to \u0026 ldquo; defections \u0026 rdquo; come and I do together. I was deep in conversation with these three teams have dared to last many, because they are deeply kidnapped past successful experience, they all told me to do - campus must develop agents to sell the course through agents. And this model will inevitably lead to a result between organizations and users across the agency and the slow Nike Lunar response, I asked \u0026 ldquo; can not get rid of agents to sell directly to consumers Courses \u0026 rdquo; they think are outrageous, and finally we can only silently watching the other, secretly broke up. Thing often is the case, Internet transformation of traditional enterprises, it is difficult Nike SB Shoes to find the right people, and our own business people have been blinded by past success. So I decided to train people, I built in 2009 a \u0026 ldquo; \u0026 rdquo ;, Guards are a number of graduate schools smart guy, eat to live together, then these people really took on in the transition process of Suntech irreplaceable role. In 2010, the technology face-off in 2010 Suntech's business has been a million, we began secretly developing the online platform. We found that the traditional classes online business people can not, nor can their technical staff. Many technical architecture NIKE KD 6 NSW classes online can refuse to describe. During the year there, we used two teams out of Nike KD 7 the two-line system Nike Zoom KD makes extremely satisfied. I found when recruiting to a third technology management team feel a thing. Traditional business owners, kidnapped technician is a high probability event. All your needs, technical personnel can realize the difference between good and poor technical team technical team that technology architecture capability. Forward-looking layout good architect can make you more agile when requirements change, and poor Nike Shoes Global architect will Nike Blazers Low make you small functional changes like demolition of the house to rebuild it again so miserable. 2011, off the traditional path of Internet-based business, we instinctively want to use the original advantage of the Internet in business to make a division of the company, so the design is almost doomed to failure because the strong mature business destined to continue to squeeze Pressure weak new business. I studied face-agency, whenever so designed its Internet business, without exception, into a \u0026 ldquo; \u0026 rdquo ;, gifts department that the Internet Be face to face product giveaways. Internet Suntech attempt, complete with a new company, Nike KD 7 Kids a new brand. We set up a \u0026 ldquo; hey learning network \u0026 rdquo ;, he was born that day must be required to fend for themselves, do not have Nike Foamposite Max the ability to self blood-face business reporting, and even encouraged them to compete face to face. Hey Internet line did not take long to learn, Liang heat Matrix Partners to find over, we talked for an afternoon quickly completed A round of financing. Made no long, hot Nike Foamposite One on the left Jingwei Liang joined Suntech. Do not count on investment in people \u0026 ldquo; \u0026 rdquo ;, timely they are \u0026 ldquo; icing on the cake \u0026 rdquo; of, \u0026 ldquo; chase sell \u0026 rdquo; is their best strategy, and also is the most rational Nike Shoes strategy. In 2012, the business off because \u0026 ldquo; hey learning network \u0026 rdquo; adhere to \u0026 ldquo; \u0026 rdquo ;, to the agents never been this is a road traveled, we really pay a lot for this price. How to get traffic, how will flow Nike Free into the order, the process we went through three Nike Jordan Prime Nike Free Run Shoes Fly rounds of trial and error. Watching the beautiful course Nike Blazers Low Mens nobody cares about looking at the battlefield brothers bearing Aung Xuan defeated and dejected down the most stressful time I go a fishing village in Hong Kong Nike Air Jordan 12 spent a quiet week. Fortunately, in this year, we found a way. This year, operating income of 30 million hi learning network, revenue Suntech's 2 million, although it also immeasurably, and face to face, but it can at least own survived. In 2013, the product off early in 2013 we will know Hi learning network of business will be rapid growth, our biggest concern at this time but Nike Air Jordan 10 is another problem that the taped completion rate is very low, so let us always completion rate misunderstanding that he is selling health Nike Lebron 11 care products, in the end have no effect is a mystery. In order to improve completion rates we conducted several rounds Nike Hyperdunk 2014 of secret attempts with little success, until we found a live broadcast. 13 years back I went to a New Year visit Dali was still unknown punishment handsome, thank punishment handsome live selfless sharing makes me feel Nike Running really fly. Dali came back from two teams we have established business trying to live. In this year, we live teaching and research advances, and even get a higher pass rates than face to face. Because such a confidence, we began to plan how to \u0026 ldquo; Suntech \u0026 rdquo; the ship of completely Internet-based. In 2014, the organization off now just a matter of organizational change. Internet companies and traditional businesses have a very different organization design, the traditional business organization like a mechanical body, and the Internet business organization like an organism. Lei Jun said millet no KPI traditional businesses like mumbo-jumbo, but it really is right. The first quarter of 2014, we reconstructed the beleaguered organization Suntech, the second quarter, we started to prepare a comprehensive restructuring of Suntech, June 6, we stopped all the sell orders Internet orders face to face. This warrior arm-like transformation Air Jordan Outlet of people thought we were on a whim, in fact, we just deliberate a long time. In the past week, the income Suntech 800 million and net income hey learn 1,500,000, all Internet courses. 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