Mexican referendum rejects US Modelo brewer in new investment blow

The Mexican government said on Monday that local residents voted by about 76per cent to reject the completion of a more than US$1 billion brewery under construction by Constellation Brands Inc , a development likely to further shake investor confidence.

Constellation's shares tumbled 12per cent on Monday to close just above US$105, down from a previous high of US$208 on Feb. 20. "That may be due to a larger perception of risk in Mexico" driven by the vote, said Gabriela Siller, head of economic analysis for Mexico City-based Banco Base. Local activists in Mexicali, just across the U.S. border, argued that the project put water supplies at risk.

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