E-Malt.com News article: 2931

Hong Kong: Anheuser-Busch Cos is set to take Harbin Brewery private after a U.S. fund sold its 10.01 percent stake in the Chinese brewer, a source familiar with the situation said on July 8. Castlerigg Master Investments Ltd. sold its stake on July 5, according to a stock exchange filing, Reuters revealed on July 8, 2004.

Anheuser-Busch, brewer of Budweiser, owned about 83.54 percent stake in China's fourth-largest beer maker Harbin Brewery as of June 30 after agreeing to take over the firm in a deal worth US$720 million or HK$5.58 a share. Anheuser-Busch won a landmark takeover battle with arch-rival SABMiller for control of Harbin.

It is likely that Anheuser-Busch now holds more than a 93 percent stake, which means it will take Harbin private, said one analyst who declined to be identified.

Anheuser-Busch had said in its offering document that it intends to delist Harbin shares once it holds at least 90 % in the Chinese brewer. The U.S. brewer is expected to make an announcement after the Hong Kong stock market closes on Friday, when its general offer is set to close.


09 July, 2004