Round-Up - SABMiller, Snow and Kingway
In early-February, SABMiller's Chinese JV, China Resources Snow Breweries, announced that it will acquire Guangdong-based Kingway Brewery Holdings. Here's just-drinks' coverage of the matter.
We journalists do like a good adjective. Honestly, you can't beat a strong descriptor to get a reader's attention. So, when an analyst suggested that SABMiller's CR Snow JV had paid an “eyewatering” price for Kingway Brewery in China, a lot of us journos sat up and took a sip of coffee.
SABMiller has defended itself against accusations that its Chinese JV is set to pay “an eye-watering price” for Kingway Brewery Holdings.
China's massive beer volumes are set to rise further, but market fragmentation and weak margins may sink SABMiller and Anheuser-Busch InBev's profit hopes in the country indefinitely, an analyst has claimed.
SABMiller appears to have won the race for Kingway Brewery Holdings, having agreed to buy the business for US$864m.
Kingway's controlling shareholder, state-owned GDH, is set to profit from growing rivalry among multinational brewers in China.
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