Molson Coors confirms that Miller Exec, Gavin Hattersley, is new CFO

SABMiller plc (SAB.L) and Molson Coors Brewing Company (NYSE: TAP; TSX) have announced the MillerCoors leadership team.  Tim Wolf, current CFO of Molson Coors, will be the Chief Integration Officer and Gavin Hattersley, current Senior Vice President of Finance at Miller, will be the Chief Financial Officer.The Miller and Coors businesses will continue to be operated separately and in the ordinary course until completion of the transaction.

Transaction History and Key Facts

On October 9, 2007, SABMiller and Molson Coors Brewing Company announced that they had agreed to combine the U.S. and Puerto Rico operations of their respective subsidiaries, Miller and Coors, in a joint venture.

SABMiller and Molson Coors expect the transaction to generate approximately $500 million in annual cost synergies to be delivered in full by the third full financial year of combined operations. The transaction is expected to be earnings accretive to both companies in the second full financial year of combined operations.

SABMiller and Molson Coors will each have a 50% voting interest in the joint venture and have five representatives each on its Board of Directors.  Based on the economic value of the contributed assets, SABMiller will have a 58% economic interest in the joint venture and Molson Coors will have a 42% economic interest.