CHINA: Chongqing "closely monitors" S&N takeover - report

By | 29 January 2008

Chongqing Brewery, in which Scottish & Newcastle holds a stake, plans to monitor developments in Heineken and Carlsberg's pending takeover of S&N, according to reports.

The Chinese brewer was cited in local reports today (29 January) as saying that it will closely observe the situation, which could see Carlsberg take full ownership of S&N's French, Greek, Chinese and Vietnamese operations.

The transaction, which values S&N at around GBP7.8bn (US$15.2bn), could mean changes in control for the fourth largest Chinese brewer, due to S&N holding a 17.46% stake in the company.

In October, Chongqing posted a 45% leap in net profit for the first half of last year. The company made CNY75.5m with beer volumes rising by 14% from a year earlier to 4.9m hectolitres. Core sales were up by 11% in value terms to CNY947m.

Sectors: Beer & cider

Companies: S&N, Carlsberg, Heineken

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CHINA: Chongqing "closely monitors" S&N takeover - report

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