Carlsberg is ramping up its bet on China, just weeks after issuing a profit warning on the back of falling share in Russia, by launching a takeover offer for up to 30.29 per cent of the shares in Chongqing Brewery Company for 2.9 billion renminbi.
Chongqing, in which Carlsberg already has just below 30 per cent, offers one of the few remaining mid-sized Chinese brewers on the block. The move comes one month after SABMiller agreed to pay Rmb5.38 billion to acquire China’s lossmaking Kingway .
Carlsberg, which inherited its initial stake in Chongqing Brewery through its takeover of Scottish Newcastle and boosted its stake in 2010 to become its biggest shareholder, is paying Rmb20 a share for its latest stake, 25 per cent above Chongqing’s pre-suspension close last week. – (Copyright The Financial Times Limited 2013)
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