CHINA: Chongqing S&N transaction ok'ed
Chongqing Brewery has been given the go-ahead to sell 50 m shares to Scottish & Newcastle. The municipal government has given the transaction, which equates to a 19.51% stake in the brewery, the green light this week.
Earlier this year, S&N said that it would pay £35 m in cash to buy the stake from Chongqing Brewery Group (CBG), Chongqing's largest shareholder. S&N will become the second-largest shareholder in the brewery, while CBG will remain the largest shareholder with 34.55%.
CBG intends to use the proceeds for strategic development and will restructure and inject its current unlisted brewing interests and any new interests into Chongqing Brewery.
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