Carlsberg has undertaken a takeover bid in the amount of 2.65 billion Danish crowns or US$461.49 million. This represents 30.31% of the outstanding shares of Chongqing Brewery Company.
The bid is worth RMB 20 per share and once approved, the Danish brewer would control the operations of CBS. The bid would amount to 60% of outstanding shares in the company. The second largest shareholder, Chongqing Beer Co has committed to sell its shares, an amount of twenty percent of shares in CBC.
According to Carlsberg CEO and President, Jorgen Buhl Rasmussen, "Our Asian business is very important for our long term growth strategy and we are very pleased that we can now take this important step forward in China."
Carlsberg is has been relying on high yield markets to compensate for shortfalls in the European markets. Carlsberg took over the UK's Scottish and Newcastle brand and with it a stake in the Chongqing Brewery. From there it continuously increased the share stake of the brewer with the Chinese beer maker.
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