Belgian brewer executes a Chinese takeover
25 January 2006, BRUSSELS – The Belgo-Brazilian brewery InBev, which makes Stella Artois and Hoegarden beer, is to take over a Chinese company in one of the largest foreign purchases in the Communist-run state.
25 January 2006
BRUSSELS – The Belgo-Brazilian brewery InBev, which makes Stella Artois and Hoegarden beer, is to take over a Chinese company in one of the largest foreign purchases in the Communist-run state.
InBev is to pay EUR 614 million for the Chinese brewery Fujian Sedrin.
On Wednesday, it said it would buy the Chinese state's 39.48 percent share in Fujian first, acquiring the other 60.52 percent from other shareholders in several stages before the end of 2007.
InBev is already the biggest brewery in the world in terms of volume after the Belgian company Interbrew merged with the Brazilian company AmBev in 2004.
And it already owned a number of breweries in China, including the Shilang beer which Interbrew acquired in 2004.
However, the latest purchase is expected to give it an especially competitive edge in an increasingly important beer market. InBev outbid Heineken and Anheuser-Busch to seal the deal.
The Chinese takeover will be cold comfort, though, to many of InBev's workers in Belgium.
This week, those at the firm's headquarters in Leuven were waiting for an announcement as to who will be made redundant. Some 45 jobs are to go.
Several hundred more jobs are to be lost at InBev sites throughout Europe.
[Copyright: Expatica News 2006]
Subject: Belgian news