CHINA: Anheuser's Harbin plans put in a spin
Anheuser-Busch's plans to takeover the Chinese brewer Harbin Brewery and privatise the company have hit a hurdle.
Dow Jones today reported that a US fund company Castlerigg International Ltd has bought a 10.01% stake in Harbin Brewery.
Harbin Brewery is registered in the Cayman Islands and under Cayman Islands Companies Law, a shareholder can only compulsorily privatise a listed company if it holds at least 90% of the firm.
If Castlerigg International owns 10.01% of the Chinese brewer, Anheuser-Busch won't be able to compulsorily privatise it.
It is so far unclear what Castlerigg's plans are. The company may be looking for A-B to increase its offer price.
However, one analyst said that even though Harbin Brewery cannot be compulsorily privatized if the fund firm doesn't sell its stake, the brewer's shares would likely be suspended from trading in Hong Kong because the public float wouldn't meet the stock exchange requirement that at least 25% of a company's issued share capital be in public hands.
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