Related News
Stake sale helps brewer cut debt
By Andrew Cleary |
January 24, 2009, Saturday
|
Print Edition
Print Edition
Anheuser-Busch InBev NV, the world's largest beer maker, agreed to sell the majority of its stake in Chinese brewer Tsingtao Brewery Co Ltd to Japan's Asahi Breweries Ltd for US$667 million to help reduce debt.
The Japanese brewer will acquire 19.9 percent of Tsingtao, reducing Anheuser's stake to 7 percent, the Leuven, Belgium-based company said yesterday in an e-mailed statement. The purchase price of HK$19.78 (US$2.55) a share is 38 percent above Tsingtao's closing price on Thursday of HK$14.38, the statement said.
The Belgian brewer aims to sell non-core assets to help repay US$45 billion of debt taken on in last year's Anheuser-Busch takeover. The company has also issued bonds to help repay a US$7-billion bridge loan that is due in November. Asahi is expanding outside Japan as beer sales drop at home and agreed in December to buy Cadbury Plc's Australian beverages unit.
"This is a substantially higher price than I had anticipated and a very good result" for Anheuser, Andrew Holland, an analyst at Dresdner Kleinwort in London, said yesterday. "The Japanese market is in long-term decline and Asahi is finally realizing they need to look outside the country." Holland has a "hold" recommendation on Anheuser shares.
The Belgian brewer "remains strongly committed to China, the largest beer market in the world," Chief Executive Officer Carlos Brito said in the statement. It also has the Harbin and Sedrin beer brands in the Chinese market, according to Bloomberg News.
Asahi plans to build "a more progressive and long-term partnership with Tsingtao," the Tokyo-based company said in a separate statement. The Japanese brewer is "taking advantage of Tsingtao's brand power and strong business base in the Chinese beer market."
Asahi also disclosed that it is also looking to strengthen the distribution network of its own beers in China.
The Japanese brewer will acquire 19.9 percent of Tsingtao, reducing Anheuser's stake to 7 percent, the Leuven, Belgium-based company said yesterday in an e-mailed statement. The purchase price of HK$19.78 (US$2.55) a share is 38 percent above Tsingtao's closing price on Thursday of HK$14.38, the statement said.
The Belgian brewer aims to sell non-core assets to help repay US$45 billion of debt taken on in last year's Anheuser-Busch takeover. The company has also issued bonds to help repay a US$7-billion bridge loan that is due in November. Asahi is expanding outside Japan as beer sales drop at home and agreed in December to buy Cadbury Plc's Australian beverages unit.
"This is a substantially higher price than I had anticipated and a very good result" for Anheuser, Andrew Holland, an analyst at Dresdner Kleinwort in London, said yesterday. "The Japanese market is in long-term decline and Asahi is finally realizing they need to look outside the country." Holland has a "hold" recommendation on Anheuser shares.
The Belgian brewer "remains strongly committed to China, the largest beer market in the world," Chief Executive Officer Carlos Brito said in the statement. It also has the Harbin and Sedrin beer brands in the Chinese market, according to Bloomberg News.
Asahi plans to build "a more progressive and long-term partnership with Tsingtao," the Tokyo-based company said in a separate statement. The Japanese brewer is "taking advantage of Tsingtao's brand power and strong business base in the Chinese beer market."
Asahi also disclosed that it is also looking to strengthen the distribution network of its own beers in China.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
