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CHINA: Heineken-APB Jiangsu DaFuHao sale hits snag

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Nantong Fuhao Alcohol Industry (NAC) has requested to delay the completion of its purchase of Heineken-APB China's stake in joint venture Jiangsu DaFuHao Breweries in China.

In June last year, HAPBC, an associated company of Heineken and Fraser & Neave's joint venture Asia Pacific Breweries, confirmed that it would sell its 49% stake in Jiangsu DaFuHao to NAC for around US$38m.

The move came about after HAPBC and NAC held "differing views on the future development plans of DFH for the Jiangsu province", HAPBC said at the time.

Completion of the sale had initially been agreed for last month. Speaking to just-drinks today (4 February), however, a spokesperson for Heineken confirmed that there had been a hold-up in the process.

"NAC has requested - and HAPBC has agreed - to vary the completion timeframe of the sale and purchase," the spokesperson said, adding that "for them (NAC) it is not timely to complete this transaction".

"Both parties are currently in discussions with a view to finalising new agreements," the spokesperson continued. "It is envisaged that key terms like price are expected to remain unchanged."


Sectors: Beer & cider

Companies: Heineken

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