CHINA: Anheuser-Busch InBev sells Tsingtao stake to Asahi
Under the terms of the deal, announced today (23 January), Asahi will become the second-biggest shareholder in Tsingtao with a 19.9% stake.
A-B InBev will retain a 7% stake in the Chinese brewing giant, it said.
The move is part of A-B InBev's strategy to dispose of several assets in the wake of InBev's US$52bn takeover of the US Budweiser brewer.
China's Ministry of Commerce approved the takeover, regarding the effects on business in its jurisdiction, but only on the condition that A-B InBev would not raise its stake in Tsingtao.
A-B InBev CEO Carlos Brito said that the brewer remained firmly "committed" to China.
"Our operations in Northeast and Southeast China are a key platform for our global growth strategy going forward," adding that the group would look to grow local brands such as Harbin and Sedrin, as well as Budweiser.
In November, Tsingtao said it had agreed to buy a 39% stake in the China-based joint venture owned by Asahi and Chinese brewer Yantai, in a deal that would see see the venture renamed as Yantai Beer Tsingtao Asahi Co.
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