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SABMiller's Chinese JV completes Kingway brewery acquisition
Brewing giant SABMiller's (SAB) said on Tuesday, 17 September 2013, that China Resources Snow Breweries‚ its joint venture with China Resources Enterprise‚ has completed the acquisition of the brewery business of Kingway Brewery Holdings.
Credit: Jason Alden/OneRedEye
This followed regulatory and Kingway shareholder approval.
SABMiller announced the US$864m deal in February.
The deal bolstered China Resources Snow Breweries's market position in the booming Guangdong region and added scale and market presence in the Sichuan‚ Shaanxi and Tianjin municipalities‚ it said at the time.
SABMiller‚ the maker of Miller Lite‚ Grolsch and Peroni Nastro Azzurro‚ continues to eye opportunities in emerging markets such as Asia‚ Africa and Latin America to offset the effects of declines in Europe‚ where tough economic conditions prevail.
"The acquisition of Kingway gives us greater access to high growth and attractive regional markets in China‚ thereby enhancing China Resources Snow Breweries's competitive position‚" SABMiller Asia Pacific MD Ari Mervis said at the time of the original announcement.
Source: I-Net Bridge
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