HONG KONG: Latest Harbin fight developments
Harbin Brewery Group Ltd has appointed CLSA Equity Capital Markets Ltd and Somerley Ltd to advise on SABMiller's US$553m hostile bid for the Chinese firm. Meanwhile, a source close to the situation has told Dow Jones that Anheuser-Busch's purchase into the company will be completed in the next few days.
In a statement released yesterday, Harbin said it had appointed CLSA Equity Capital Markets Ltd as the financial adviser and Somerley Ltd as independent financial adviser, respectively, in relation to the SABMiller offer.
SABMiller, which holds a 29.4% stake in Harbin, made its offer earlier this month, following Anheuser-Busch's announcement on 2 May that it was buying an equvalent-sized stake in the Chinese brewer.
Speaking to Dow Jones Newswires, a source said: "The agreement signed on 2 May is conditional. Now both parties have finished the necessary vetting procedures and they will close the deal in the next few days.
"I think this is a sign that Anheuser-Busch has cleared all the necessary regulatory procedures, the source added.
A Hong Kong-based spokesman for Anheuser-Busch declined to comment on the matter. Although widely presumed, it is still not yet clear if AB will counter SABMiller's bid.
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