Anheuser-Busch Cos Inc, the world's largest brewer, will increase its stake in China's Tsingtao Brewery Co Ltd to 27 percent by the end of the decade, the companies said on Monday, in an effort to better tap China's growing demand for beer.
Under the agreement, Tsingtao, China's largest beer maker, will issue convertible bonds to Anheuser-Busch in three installments valued around US$182 million (HK$1.416 billion) total. The capital will be used to improve Tsingtao's brewing assets, construct new brewing facilities and make future acquisitions.
While the Chinese government will remain the largest shareholder in Tsingtao, holding a 30.56 percent share after all bonds are converted, Anheuser-Busch will be Tsingtao's largest non-government shareholder and get proportional representation on Tsingtao's board of directors, board committees, and supervisory board. Anheuser-Busch already had a 4.5 percent stake in Tsingtao.
PHOTO: AP
The deal gives Tsingtao the chance to call on Anheuser-Busch executives for managerial and technological assistance, such as helping make Tsingtao, which is made in 48 breweries across China, taste the same across the country.
Tsingtao can also look to Anheuser-Busch for assistance in dealing with consolidation in the Chinese beer market, Tsingtao President Jin Zhiguo said at a New York press conference.
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