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International Beverage Holding Ltd (InterBev or IBHL) has denied that its attempts to acquire the Chinese spirits producer Anhui Gujing Group Co (AGGL) have died.
 
The Thailand-based spirits group had been in negotiations with the Chinese authorities in the province of Anhui over its attempts to buy 100% of AGGL.

But, as reported on just-drinks yesterday (21 June), according to a statement by the Chinese company's listed unit, an agreement could not be reached on the sale.

The statement said: "Since the two parties have a big divergence in the negotiation and can't reach an agreement, the Haozhou municipal government (in Anhui province) decided to terminate the transfer of the 100% stake of Anhui Gujing Group."

However, when contacted by just-drinks, InterBev referred to a statement made by Samut Hatthasing, president of the company's parent group ThaiBev, to the Singapore Exchange Securities Trading yesterday.

"This is to inform you that the negotiations between IBHL and the Bozhou state-owned Assets Supervision and Administration Commission to purchase 100% of all the equity interests in AGGL are still in progress. We will keep you informed of further developments," he said.

In April, InterBev disclosed that it had bid to acquire 100% of the equity in AGGL at a price of RMB980m. And on 3 April the Thai-based company was selected as the bidder given the right to negotiate with the Chinese authorities on the definitive terms of the acquisition.

At the time, InterBev said that it was its intention to only retain the distillery and liquor-related businesses of AGGL and would dispose of the other parts of the business, which included hotel and real estate assets.


Sectors: Spirits

Companies: Thai Beverage

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