Tsingtao Brewery Co to buy Guangdong Vigour - report

Tsingtao Brewery Co to buy Guangdong Vigour - report

Tsingtao Brewery is to acquire Guangdong Vigour Beer Co in China, according to a report.

Tsingtao, which is 20%-owned by Asahi Group, has won a bidding process for Guangdong Vigour, according to a report by China-based Sinocast today (30 November), which cited a company announcement. Financial details of the deal were not disclosed.

If confirmed, the purchase will increase competition between brewers in China's southerly Guangdong province. It also strengthens Tsingtao's footprint in the country's emergent beer market.

Last month, Tsingtao reported an 11.4% rise in nine-month net profits, driven by strong demand for its namesake beer brand. In the third quarter, however, profits dipped by almost 1%.