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ABInBev sells down stake in Tsingtao

By Liu Jie (chinadaily.com.cn)
Updated: 2009-02-02 11:50

Tsingtao Breweries said this morning that Asahi of Japan has bought a 19.9 percent stake in the company from Anheuser-Busch InBev S.A. (ABInBev), the largest brewers in the world, for $667 million.

Related readings:  Branding their way to a better future  Tsingtao snaps up brewery  Overseas fever of Tsingtao Beer  Tsingtao Brewery H1 profit up 32%

The transaction will make the Japanese brewer the second largest single shareholder in Tsingtao after Tsingtao Beer Group of Shandong province, which owns 31 percent in the company.

In a statement to the Hong Kong Stock Exchange, Tsingtao said that after the sale, ABI's holding in the company will be reduced to 7.01 percent.

The sale of Tsingtao 's shares has demonstrated ABI has never had any intention to take control of Tsingtao, one of the most highly valued Chinese brands, analysts said. It also indicated Asahi's optimistic expectations of China's beer market, they said.