2nd Mar 2016 07:14
LONDON (Alliance News) - SABMiller PLC on Wednesday confirmed Anheuser-Busch InBev SA is selling SAB's 49% interest in its Chinese joint venture, China Resources Snow Breweries Ltd to China Resources Beer (Holdings) Co Ltd for USD1.60 billion.
CRB already owns the remaining 51% of the joint venture.
SABMiller said the sale is in line with AB InBev's commitment to address potential regulatory concerns relating to the GBP71 billion takeover of Anglo-African SABMiller by its Belgian-American rival. The transaction is expected to close in conjunction with the completion of the takeover, which is currently anticipated to occur in the second half of 2016.
"Our CR Snow joint venture was established in 1994, and the Snow brand was developed in the same year. Since then, Snow has grown to become the world's largest beer brand by volume, selling more than 100 million hectolitres last year. Since forming the joint venture we have enjoyed a mutually beneficial partnership with CRB and together we have achieved great things in the Chinese beer market over the last 22 years," SABMiller Chief Executive Alan Clark said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
SAB.L