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Constellation shares up on Modelo buyout

CHICAGO (MarketWatch) -- Shares of Constellation Brands surged 20% early Friday on news that it will acquire full control of Crown Imports by buying Mexican brewer Grupo Modelo out of its interest for $1.85 billion. Modelo is being acquired for $20 billion by Anheuser-Busch . Crown is a joint venture that imports various beers, including Corona, into the U.S. The stock surge comes even as Constellation reported a decline in fiscal first quarter earnings due to higher interest costs and write-offs.