DENMARK/CHINA: Carlsberg edges to Chongqing Brewery Co completion
Carlsberg gets worker support for Chongqing Brewery deal
Carlsberg has moved a step closer to taking a 30% stake in China's Chongqing Brewery, after the deal was endorsed by the firm's workers' committee.
Employee representatives have this week backed Carlsberg in its agreement to acquire a further 12.25% share of Chongqing Brewery Co (CBC) for RMB2.4bn (US$351m).
The endorsement follows official support from CBC's minority shareholders, who voted for the deal at a meeting on 5 July, a Carlsberg spokesperson told just-drinks today (29 July).
However, the deal, which was announced in June and will increase Carlsberg's ownership of CBC to 29.71%, still needs the approval of regulatory authorities in China.
Carlsberg said it could not provide an estimate on when the process will be complete.
CBC operates 15 breweries and is the market leader in China's Chongqing province. Carlsberg inherited an interest in the brewer following its share of the takeover of Scottish & Newcastle in 2008.
For a more in-depth look at Carlsberg's growing presence in Asia, click here.
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