Constellation Brands Completes Acquisition of The Robert Mondavi Corporation

Dec 22, 2004, 00:00 ET from Constellation Brands, Inc.

    FAIRPORT, N.Y., Dec. 22 /PRNewswire-FirstCall/ -- Constellation Brands,
 Inc. (NYSE:   STZ, ASX: CBR) today announced that, following receipt of all
 necessary approvals, it has completed its acquisition of The Robert Mondavi
 Corporation (Nasdaq:   MOND).  Mondavi shareholders overwhelmingly approved the
 combination at today's annual shareholder meeting, with more than 80 percent
 of the votes cast by the Class A shareholders and 94 percent of the votes cast
 by the Class B shareholders favoring the adoption of the merger agreement.
 Mondavi is now a wholly-owned subsidiary of Constellation.
     (Logo: )
     In connection with the completion of the transaction, Mondavi's Class A
 common stock will cease trading on NASDAQ at the close of markets today,
 December 22, 2004.  As previously announced, Mondavi's Class A common
 shareholders will receive $56.50 per share in cash and Mondavi's Class B
 common shareholders will receive $65.82 per share in cash.
     "Today opens a new chapter for Constellation and the Robert Mondavi
 brand," stated Constellation Brands Chairman and Chief Executive Officer
 Richard Sands.  "With the successful completion of this landmark transaction,
 Constellation offers an unmatched wine portfolio with expanded fine wine
 offerings, in addition to our broad portfolio of leading brands in the spirits
 and imported beer categories and unparalleled global distribution
     "This is a winning combination that preserves and enhances the heritage of
 both companies and will produce outstanding wines for generations to come,"
 continued Sands.  "We welcome Mondavi's dedicated and experienced employees to
 Constellation as we continue our tradition of industry leadership, and we're
 eager to expand the Mondavi wine presence around the world."
     About Constellation Brands, Inc.
     Constellation Brands, Inc. is a leading international producer and
 marketer of beverage alcohol brands with a broad portfolio across the wine,
 spirits and imported beer categories. Constellation Brands is also the largest
 fine wine company in the United States.  Well-known brands in Constellation's
 beverage alcohol portfolio include: Corona Extra, Pacifico, St. Pauli Girl,
 Tsingtao, Black Velvet, Fleischmann's, Mr. Boston, Paul Masson Grande Amber
 Brandy, Franciscan Oakville Estate, Estancia, Simi, Ravenswood, Blackstone,
 Banrock Station, Hardys, Nobilo, Alice White, Vendange, Almaden, Arbor Mist,
 Stowells and Blackthorn.  With the completion of the Mondavi acquisition,
 additional well-known brands such as Woodbridge, Robert Mondavi Private
 Selection and the Robert Mondavi Napa, District and Reserve wines are now part
 of Constellation's portfolio of fine wine offerings.  For more information
 about Constellation Brands and its products, visit the company's Web site at
     Forward Looking Statements
     This press release contains certain comments or "forward-looking
 statements" within the meaning of the Private Securities Litigation Reform Act
 of 1995.  Some of these risks and uncertainties include factors relating to
 Constellation's ability to integrate Mondavi's business successfully and
 realize expected synergies, the continued strength of Mondavi's relationships
 with its employees, suppliers and customers, and the accuracy of the basis for
 forecasts relating to Mondavi's business.  For additional information about
 risks and uncertainties that could adversely affect Constellation's forward-
 looking statements, please refer to Constellation's and Mondavi's publicly
 available reports filed with the SEC, including the most current annual
 report, 10-K and 10-Q which contain a discussion of additional factors that
 may affect Constellation's business.  These factors could cause actual future
 performance to differ from current expectations.  Constellation does not
 undertake to update any forward-looking statements.

SOURCE Constellation Brands, Inc.