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CHINA: Carlsberg completes Chongqing stake buy

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Carlsberg has received the green light from China's Government to become the largest the shareholder in the country's Chongqing Brewery Co.

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Carlsberg said last week that it has completed a deal to increase its stake in Chongqing from 17.5% to 29.7% for RMB2.4bn (US$363m), making it the largest shareholder in the brewer. The Denmark-based group has attained all the necessary regulatory approvals for the deal, which was originally announced in June, it said.

"The transaction is in-line with Carlsberg's strategy of strengthening our presence and building a platform for long-term growth in Asia," said Carlsberg's CEO, Jorgen Buhl Rasmussen.

He said that Carlsberg will work more closely with Chongqing's second biggest shareholder, Chongqing Beer Co, to develop the brewer's Shancheng beer brand. Shancheng is the leading beer brand in the markets in which Chongqing Brewery operates.
 
Chonqing Brewery produces 10m hectolitres of beer annually in 15 breweries and is the market leader in China's Chongqing province. It also operates in the surrounding provinces of Sichuan, Guizhou, Guangxi and Hunan and in the Eastern Chinese provinces of Anhui, Zhejiang and Jiangsu.


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