Who Owns Corona Beer?

Anheuser-Busch InBev controls Corona Beer ownership globally, operating the brand across international markets since acquiring Grupo Modelo in 2013. The Belgian-Brazilian brewing giant manages production, distribution, and marketing in approximately 180 countries. In the United States, Constellation Brands holds exclusive distribution rights following a 2013 regulatory settlement that addressed antitrust concerns. This dual ownership structure emerged when AB InBev purchased Grupo Modelo for $20.1 billion but was required to divest American operations.

Corona celebrated its centennial anniversary in 2025, marking remarkable growth from a Mexican lager to the world’s most valuable beer brand. The company achieved double-digit growth outside Mexico in 2024 while Corona Cero, its non-alcoholic variant, experienced triple-digit expansion. AB InBev reported all-time high revenues in 2024 with 15% underlying earnings growth, demonstrating the brand’s sustained commercial success. Corona Cero became the first beer brand to sponsor the Olympic Games, debuting at Paris 2024.

Who Owns Corona Beer?

The ownership arrangement divides control between two beverage corporations based on geographic territories. This structure originated from regulatory requirements that prevented monopolistic market dominance.

Global Ownership Structure

AB InBev maintains comprehensive control over Corona Beer in all territories except the United States. The Brussels-based conglomerate operates brewing facilities, manages international marketing campaigns, and oversees distribution networks spanning Europe, Asia, Africa, and South America.

Following the 2013 acquisition, AB InBev integrated Corona into its portfolio alongside Budweiser, Stella Artois, and Beck’s. This consolidation positioned the company as the world’s largest brewer with control over eight of the ten most valuable beer brands globally.

United States Distribution Rights

Constellation Brands secured exclusive American rights through a $4.8 billion transaction mandated by Department of Justice antitrust regulations. The New York-based company operates dedicated brewing facilities in Nava, Coahuila, and Ciudad Obregón, Sonora, producing Corona specifically for North American consumption alongside Modelo Beer brands.

This arrangement allows Constellation to develop independent marketing strategies targeting American consumers while AB InBev retains global brand oversight. The separation maintains competitive balance within the domestic beer market, with regional distributors like Ben E. Keith Company managing local distribution networks.

History of Corona Beer Co-founders

Establishment of Grupo Modelo

Corona Beer originated through the vision of Spanish immigrant entrepreneurs who established Cervecería Modelo in Mexico City on March 8, 1922. Braulio Iriarte Goyeneche, a baker-turned-industrialist who owned Molino Euzkaro bakeries, partnered with Martín Oyamburu, a banker and industrialist with interests in rubber manufacturing, petroleum, and dairy operations. Their brewery would compete with established brands like Heineken in international markets.

The founding group consisted of twenty-five Spanish immigrants who pooled resources to create a brewery that would transform Mexican beer culture. They opened the first brewery in 1925, initially launching Modelo pale lager before introducing Corona Extra one month later.

Key Leadership Figures

German brewmaster Adolph H. Schmedtje joined Cervecería Modelo in July 1922, bringing European brewing expertise to Mexico. His technical knowledge proved instrumental in developing Corona’s distinctive recipe, which combined barley malt, corn, hops, and yeast to create the crisp, light profile that defined the brand.

Pablo Díez Fernández assumed leadership in 1930, guiding expansion for four decades until 1971. Under his direction, Grupo Modelo acquired regional competitors and established dominance within Mexican markets. Antonio Fernández Rodríguez succeeded him, continuing the aggressive growth strategy that positioned Corona for international success before Carlos Fernández González took control in 1997.

Board of Directors for Corona Beer

Corona Beer’s governance structure operates through AB InBev’s board, which comprises fifteen directors representing diverse expertise across finance, operations, marketing, and strategic management. The board includes four independent directors, eight members appointed by Stichting Anheuser-Busch InBev, and three restricted shareholder representatives.

Executive Leadership

Michel Doukeris serves as Chief Executive Officer, directing global operations across nearly 50 countries. His leadership team includes Fernando Tennenbaum as Chief Financial Officer, David Almeida as Chief Strategy and Technology Officer, and Marcel Marcondes as Chief Marketing Officer overseeing brand development initiatives.

Peter Kraemer functions as Chief Supply Officer, managing production facilities worldwide, while Ricardo Tadeu holds the Chief Growth Officer position, focusing on revenue expansion and market penetration strategies.

Regional Zone Leaders

Yanjun Cheng assumed leadership of the Asia Pacific Zone in April 2025, bringing 29 years of brewing experience to the role. His appointment reflects AB InBev’s commitment to expanding presence in Asian markets where Corona has demonstrated significant growth potential.

Jason Warner oversees European operations, managing distribution across diverse regulatory environments and cultural preferences. Brendan Whitworth leads the North America Zone, coordinating with Anheuser-Busch domestic operations while respecting Constellation’s independent U.S. territory.

Independent Board Members

Dr. Aradhana Sarin brings pharmaceutical and healthcare expertise as Executive Director and Chief Financial Officer at AstraZeneca. Her background in investment banking and mergers provides valuable strategic insight for acquisition opportunities and financial structuring.

Michele Burns contributes governance experience from various corporate boards, while Martin J. Barrington represents restricted shareholder interests through his appointment. These independent directors ensure balanced decision-making that considers diverse stakeholder perspectives.

Committee Structure

Four specialized committees support board functions: the Audit Committee oversees financial reporting integrity, the Finance Committee evaluates capital allocation decisions, the Nomination Committee identifies qualified director candidates, and the Remuneration Committee structures executive compensation packages that align leadership incentives with shareholder value creation.

Largest Shareholders of Corona Beer

Corona Beer’s shareholder composition reflects its dual ownership structure, with different investors holding stakes in AB InBev and Constellation Brands depending on geographic market control.

AB InBev Shareholder Breakdown

Stichting Anheuser-Busch InBev dominates the ownership structure with approximately 42.21% of all shares, valued at roughly $39.4 billion. This Dutch foundation represents Belgian founding families and Brazilian families previously associated with AmBev, providing strategic continuity across management transitions.

The foundation appoints eight of fifteen board members, ensuring founding family values remain central to corporate governance despite public trading on Brussels, Mexico City, Johannesburg, and New York exchanges.

Major Institutional Investors

Dodge & Cox holds approximately 38.5 million shares worth $2.5 billion, representing the largest institutional position outside founding family control. Fisher Asset Management claims 10.7 million shares valued at $690.7 million, while Fidelity Investments maintains nearly 7 million shares worth $450.5 million.

The Manufacturers Life Insurance Company rounds out major stakeholders with 6.99 million shares valued at approximately $447 million. These institutional investors provide market liquidity and represent diverse investment strategies ranging from value-focused portfolios to growth-oriented positions.

Belgian Founding Families

Three prominent Belgian families maintain significant influence through complex holding structures that ensure long-term strategic vision. The Vandamme, de Mévius, and de Spoelberch families collectively held approximately 28.6% combined ownership, with brewing roots extending to historic Piedboeuf and Artois breweries established generations ago.

These families merged Belgian brewing operations with Brazilian AmBev in 2004, creating InBev before pursuing the Anheuser-Busch acquisition four years later. Their continued involvement prevents short-term profit maximization pressures that characterize many publicly traded corporations.

Constellation Brands Shareholders

Constellation’s shareholder base differs significantly from AB InBev’s concentrated structure. Vanguard Fiduciary Trust holds 9.756% with 17.6 million shares worth approximately $2.85 billion, representing passive investment strategies tracking broad market indices.

Berkshire Hathaway represents a major institutional investor at 7.415% ownership with 13.4 million shares valued at $2.17 billion, reflecting Warren Buffett’s confidence in the beer division’s prospects. Capital Research & Management holds 6.524% through 11.7 million shares worth $1.91 billion, while BlackRock Advisors maintains 4.478% with 8.09 million shares valued at $1.31 billion.

Evolution of Ownership Structure

The shareholder composition evolved following the 2013 divestiture when Constellation acquired U.S. rights. Elliott Investment Management emerged as an influential voice in 2023, advocating for governance enhancements and board additions that strengthened corporate oversight mechanisms.

This activist involvement prompted strategic reviews that ultimately benefited shareholders through improved capital allocation decisions and enhanced operational efficiency. The Sands family maintains significant influence as Constellation’s founders, though the company operates as a publicly traded entity with dispersed ownership compared to AB InBev’s concentrated structure.

FAQs

Does AB InBev own Corona Beer worldwide?

AB InBev owns Corona globally except in the United States, where Constellation Brands holds exclusive distribution rights since 2013 following antitrust regulations.

When did Anheuser-Busch InBev acquire Corona Beer?

AB InBev acquired Corona through purchasing Grupo Modelo in June 2013 for $20.1 billion, though U.S. operations transferred to Constellation Brands immediately.

Who founded Corona Beer originally?

Spanish immigrants Braulio Iriarte and Martín Oyamburu founded Corona in 1925 through Cervecería Modelo, with German brewmaster Adolph Schmedtje creating the recipe.

Is Corona Beer still brewed in Mexico?

Corona continues production in Mexico at facilities operated by both AB InBev and Constellation Brands, maintaining traditional brewing methods established in 1925.

What percentage of Corona sales occur in America?

The United States represents Corona’s largest market with over $5 billion in annual revenue, accounting for approximately half of global Corona beer exports.