CHINA: Tsingtao increase Chinese control with purchase spree
China's largest beer company Tsingtao Brewery has announced the acquisition of 90% stakes in two breweries, along with a number of other smaller deals, in its continued expansion nationwide.
The two 90% stakes are in Fuliyun (Tianmem) Brewery and Fuliyun (Suizhou), which Tsingtao bought from Well Unison Investments for a reported US$7.1m.
Tsingtao also said its board had approved the acquisition of 30% of Guangxi Nanning Wantai Brewery for an undisclosed sum. The business will be renamed Tsingtao Brewery (Nanning).
In a further development, the Chinese beer giant increased its control of Tsingtao Brewery (Zhuhai) by increasing its share from 60% to 76.6% for US$1.2m. The purchase of some 10m shares was made off its partner in the plant Zhuhai Huangmei Enterprise Group.
Finally, Tsingtao also announced the closure of a brewery in Shanghai.
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