CHINA: Beijing Yanjing pulls out of Kingway race - report
Kingway Brewery is seeking outside investment
Beijing Yanjing Brewery Co has pulled out of the battle to acquire control of China’s Kingway Brewery, according to reports.
Beijing Yanjing, which was thought to among the frontrunners of companies to capture Kingway's assets, is believed to have failed to reach an agreement on price, Reuters has reported today (14 June). Guangdong-based Kingway, which is controlled by state-owned GDH, is looking for outside investment due to weak finances.
Beijing Yanjing has yet to respond to a request for comment from just-drinks.
Anheuser-Bush InBev and SABMiller's joint venture with China Resources Enterprise, CR Snow Breweries, were also thought to be in the running for control of Kingway.
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