The Chinese brewer Beijing Yanjing Brewery Co announced today that it is to acquire a 38.1% stake in Huiquan Brewage Group Inc. Fujian China for ¥376.7m.

The price is an increase on the original ¥362.4m Yanjing said it was going to pay for the stake in July, following a request from the State-Owned Assets Supervision and Administration Commission of the State Council, which oversees the sales of state assets, for a higher bid.

The deal will make Yanjing Brewery the largest shareholder in Huiquan Brewage, creating one of China's biggest beer alliances.