E-Malt.com News article: South Korea: Hite Brewery shares rise on report its bid for AB InBev’s Oriental Brewery rejected

Shares of Hite Brewery, South Korea's top brewer, rose 5.95 percent after a report by Bloomberg News that Lotte Group's purchase offer for Oriental Brewery was rejected due to its low offer price.

"This should be positive news for Hite Brewery as potential threats from Lotte Group's acquisition could significantly drop and competition with OB would remain moderate after the acquisition," Morgan Stanley said in a note on March, 12.

Lotte and Oriental Brewery declined to comment the report.


13 March, 2009