The Week: City news - Cobra ready to sell to Coors

Cobra, the Indian lager group, is expected to agree the sale of its brand in the UK to a new joint venture controlled by Molson Coors, the American brewer behind the Carling and Worthington brands. The deal is likely to see the closure of Cobra's UK HQ and could also affect Cobra's contract with Wells & Young's, the Bedford brewer, which makes the beer in the UK. Reports suggest that the Cobra UK business posted losses of £15.9 million in 2008 but that net sales are forecast to double by 2011 to £73.6 million.