CHINA: S&N buys into Chongqing brewery - report
Scottish & Newcastle is attempting to break into China. The brewing group is reported to have signed an agreement to buy a 19.51% stake in China's Chongqing brewery for RMB525m (US$63m).
Chongqing Brewery (Group) Ltd, the brewery's parent company will maintain its majority holding despite selling the shares to S&N. It will still hold a 34.55% stake.
The deal comes after 10 years of negotiations between the two companies. The agreement is still subject to approval by the state-owned Assets Supervision and Administration Commission and the Ministry of Commerce.
Chongqing is China's eighth largest brewer and has seen revenues rise by 27% to RMB395m in the first half of 2003 compared to the same period last year.
- SABMiller in Cent'l & E Europe - What is for sale?
- A-B InBev and its SABMiller divestments - Focus
- Where does AB InBev see the future of beer?
- Is the wine industry confusing its consumers?
- Brown-Forman's march on premium whisk(e)y -Comment
- AB InBev to sell SABMiller Cent'l, E Europe assets
- Private equity poised for SABMiller Europe buy?
- Remy Cointreau names new Travel Retail exec
- Leonardo DiCaprio joins Runa drinks board
- Pernod Ricard to widen Our/Vodka sales reach
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- Carbonates in India
- Consumer and Market Insights: Spirits Market in the US