DENVER (AP) -- The head of beer brewing giant Molson Coors says plans are still on track to finalize a joint venture with SABMiller by midyear.

Chief Executive Officer Leo Kiely told shareholders at an annual meeting Thursday the plan to combine U.S. operations of both companies will produce a more competitive operation. It will handle brands such as Coors Light, Blue Moon and Miller Lite.

Shareholders approved a slate of directors for the board and an independent auditor during the meeting in downtown Denver.

Denver-based Molson Coors is one of the world's largest beer manufacturers.