Danish brewer Carlsberg Group has bought a 30.3% stake in China's Chongqing Brewery. The deal enabled Carlsberg to raise its stake in the company to 60%.
According to a report by Reuters, Carlsberg bought 146.6 million shares in Chongqing Brewery priced at CNY20 (USD3.28) per share. Carlsberg is the world's fourth-largest brewing company.
Chongqing Brewery, in a statement on the Shanghai Stock Exchange on Thursday, said the deal is priced at around CNY2.9 billion (USD476.07 million).
The Danish firm was given the green light for the deal at the end of October. Carlsberg launched the bid for Chongqing to boost its presence in China's USD76 billion liquor market, the report said.
Carlsberg in 2011 announced a joint venture with Chongqing Brewery and Chongqing Light Textile Holding. Under the deal, the joint venture will be operating their business via 12 breweries in China. Carlsberg injected DKK160 million (USD30.90 million) into the venture, a previous Reuters report said.
Based on its latest annual report, Carlsberg has a total of DKK153.9 billion assets under management. It generated revenue of DKK67.2 billion last year.
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