UPDATE 3-Constellation considers IPO for part of Canadian wine business

Wed Apr 6, 2016 10:33am EDT
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* Exploring IPO for part of its Canadian wine business

* Expects FY profit of $6.05-$6.35/share vs est $6.11

* To buy The Prisoner Wine Company's portfolio of brands

* Shares rise as much as 4.88, touch record high (Adds analyst comment; updates shares)

By Subrat Patnaik

April 6 (Reuters) - Constellation Brands Inc said on Wednesday it was considering taking a part of its Canadian wine business public and reported better-than-expected quarterly net sales, helped by strong demand for its premium Corona and Modelo beers.

Shares of the company, which forecast full-year profit largely above estimates, rose as much as 4.88 percent to a record high of $158.75 in early morning trading.

Chief Executive Rob Sands said the full value of the Canadian wine business, which delivered "excellent overall financial results" in 2016, was not being recognized.

Sands said an IPO would create better visibility and that the company expected to take a final decision later this year.   Continued...