UK: S&N to buy Chongqing Breweries stake
The UK brewer Scottish & Newcastle (S&N) today said it has signed a binding legal documentation with Chongqing Breweries (CBG) in China.
S&N will purchase a 19.5% stake in the CBG owned Chongqing Brewery Company Ltd, at a price of Rmb 525m (£35m) in cash.
"This equity investment will be used to further develop Chongqing Breweries, which currently ranks sixth in China and operates 18 breweries, primarily in the South West region," the company said in a statement.
Completion of the transaction is expected in a few months and is dependent on the necessary Chinese government approvals.
- Is Brown-Forman doing a Jack Daniel's in Ireland?
- Is Brown-Forman at the end of the SoCo road?
- Is time right for TWE to move for Diageo's wines?
- Will a sexed-up SABMiller tempt AB InBev?
- Making consumers the centre of your business
- AB InBev makes formal offer for SABMiller
- Diageo secures Xerox Corp CFO as finance head
- Tesco pulls several Carlsberg SKUs in UK
- Former Pernod Ricard exec joins Wakefield Wines
- Diageo, Treasury Wine Estates quiet on wine sale
- The IWSR Duty Free/Travel Retail Summary Report 2015
- Future growth opportunities for global spirits
- Global gin insights - market data, product innovation and consumer trends research
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends research