HONG KONG: Heineken Kingway talks slow
Talks between Heineken and Guangdong Holdings appear to have stalled. The two companies have been discussing upping Heineken's stake in Guangdong's Kingway Brewery Holdings for most of this year.
In a statement today (26 May), Kingway said: "There has been no progress… and the preliminary discussions may or may not lead to an acquisition."
Heineken made it clear as early as January that it wanted to up its stake in the Chinese brewery from the 21.44% holding it acquired last year. The Dutch brewer paid €57m for the stake through its joint venture with Asia Pacific Breweries, Heineken Asia-Pacific Breweries China.
Guangdong countered Heineken's move in January by telling Kingway that it had no intention of relinquishing control of the brewer. Gunagdong holds 53.63% of Kingway. The brewer has strong market share in the southern city of Shenzen in Guangdong province.
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