AB INBEV has sold SABMiller’s stake in China Resources Snow Breweries (CR Snow) to its joint venture partner in the company, China Resources Beer (Holdings) (CRB), for US$1.6bn.
CR Snow is headquartered in Beijing and brews several brands of beer, including the world’s biggest-selling beer, Snow, as well as Blue Sword, Huadan and Shenyang. CRB has the majority 51% stake in the company, while SAB Miller owns 49%. The deal has been approved by the CRB board and the majority shareholder, so no further shareholder meetings will be necessary.
The sale is part of ongoing divestments both AB InBev and SABMiller are making as part of efforts to address regulatory concerns regarding their £71bn (US$108bn) merger announced in November 2011. Last month, SABMiller announced it had sold Peroni and Grolsch to Asahi for just under US$3bn.
The completion of the sale is dependent of the merger of AB InBev and SABMiller receiving regulatory approval and will conclude at the same time. CR Snow will then become a wholly-owned subsidiary of CRB.
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