The makers of Coors and Miller plan to combine their U.S. brewing operations in an effort to compete better against industry-leader Anheuser-Busch. The joint venture announced Tuesday will be known as MillerCoors and will have responsibility for selling brands like Miller Lite and Coors Light in the U.S.

SABMiller PLC will have a 58 percent economic interest in the venture and MolsonCoors Brewing Co. will own 42 percent of the new company. They will have equal voting interests, however.

Under the terms of the agreement, the companies said they will conduct all of their U.S. business exclusively through the venture.

Coors, Miller Team Up To Battle Bud - CBS News