CHINA: Carlsberg gets nod for Chongqing Brewery move
The brewer is set to get a majority stake in Chongqing
Carlsberg has received the regulatory green light to raise its stake in Chongqing Brewery to 60%.
China Securities Regualtory Commission has given the go-ahead for the Danish brewer to increases its stake from the current 29.7%, a Carlsberg spokesperson confirmed to just-drinks today (1 November). The extra stake is expected to cost around CNY2.9bn (US$462.1m).
The takeover bid period will run from 5 November to 4 December, Reuters reported.
Carlsberg first signalled its intention to take majority control of Chongqing in March. The company is already Chongqing's biggest shareholder, having inherited the holding when it teamed up with Heineken to acquire Scottish & Newcastle in 2008.
Last week, Carlsberg announced proposed changes to its ownership structure, which it suggested would make pursuing M&A opportunities easier.
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