CHINA: S&N clarifies acquisition report
Scottish & Newcastle has not yet sealed a deal to buy into a Chinese brewery, contrary to a statement from the Chinese brewery itself. On Friday a report was filed to the Shanghai stock exchange, stating that S&N had signed an agreement to buy a 19.51% stake in China's Chongqing brewery for RMB525m (US$63m) from its parent company Chongqing Brewery (Group) Ltd.
Speaking to just-drinks, director of corporate affairs Jeremy Blood said: "Following Friday's report we have released a short statement to clarify the situation. We are in advanced negotiations with Chongqing to strengthen our relationship. The discussions cover several elements, including taking a minority stake in the brewer.
"We are unable to offer further clarification at this time." S&N has had a strong commercial association with Chongqing over the last ten years.
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