CHINA: Tsingtao subsidiary stake for sale - report
There may be further consolidation in the Chinese beer market, with two of China's top brewers, Beijing Yanjing Brewery Co and China Resources Breweries, looking to make bids for a regional brewer in the northeast of the country.
The local news agency AFX-Asia quoted an un-named source today who said: "Both Yanjing and China Resources plan to bid for a 40% stake in Tsingtao Anshan Breweries for up to ¥28m."
The brewer in question is a joint venture between China's top brewer, Tsingtao Brewery, and a state-owned asset management firm in Liaoning.
However, AFX said that the asset management company is unable to repay an unspecified amount in bank loans. It is therefore having its 40% in Tsingtao Anshan put up for sale by public auction by a local district court.
AFX's source added that Tsingtao is not likely to participate in the bid for the additional stake.
Sectors: Beer & cider
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