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Carlsberg to increase its share in Chongqing Brewery
Danish brewer Carlsberg Group has received approval from Chinese regulators to increase its stake in China’s Chongqing Brewery to 60%.
According to Chongqing Brewery’s statement, the 20-yuan per share take-over bid is effective from 5 November 5 to 4 December. Carlsberg will invest up to 2.9 billion yuan (£298 million) to take 30.29% of Chongqing Brewery’s shares.
Carlsberg Chongqing, together with Carlsberg Hong Kong currently hold a 29.71% stake in Chongqing Brewery before this additional acquisition. A Carlsberg spokesman said its offer now has to go through a tender process.
Carlsberg has been actively expanding its market in China in recent years. This is the third time the brewing giant has increased its shareholdings in the Chongqing Brewery Group. The move will strengthen Carlsberg’s strategic investment in Chongqing Brewery and achieve its goal of occupying Western China’s market.