AB InBev moved a step closer to completing its £71bn takeover of SABMiller, after China Resources Beer agreed to buy out the London-listed group’s stake in their Chinese brewery joint venture.
China Resources Beer will acquire SABMiller’s 49 per cent stake in China Resources Snow Breweries — the brewer of the world’s top-selling beer — for $1.6bn, ending a 22 year-old joint venture that produced voluminous vats but punier profits.
Investors applauded the deal, sending China Resources Beer’s share price up as much as 34.6 per cent to HK$17.20 in morning trading in Hong Kong.
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