It was a major overhang. The unsettled nature of it was a large potential liability. Settling this, I'm sure, was a priority for them.
More Quotes from Benj Steinman:
Irrespective of who's right on whether the taste changed, it's a continuation of a campaign Miller has had for two years.Benj Steinman
Wine and spirits are outperforming beer, ... It's been a reversal of a decade-long trend.
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Its wholesalers are clamoring for high-margin, growth brands. Anheuser has promised to deliver them, but they can't just create them.
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The positive thing to note is that they actually had improving results as the year went on. But they were going against a very easy comparison -- they were down 3 in last year's fourth quarter.
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There was a general assumption - that is proving somewhat erroneous - that the baby boomers would continue with the consumption patterns that they established in their youth. Instead, they're doing more like what prior generations did as they got older, and switching their drinking habits to wine and spirits.
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