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Fosun International has agreed an $844 million deal with Asahi to acquire a 17.99% stake in Tsingtao, making it the second-largest shareholder in the Chinese brewer.
Fosun purchased 243 million shares from Japan’s largest brewer Asahi, at the cost of HK$27.22 per share.
Asahi announced earlier this year that it was considering selling its stake in Tsingtao, in order to focus on growth in the European market.
The deal is expected to be completed in the first quarter of 2018.
Mr Guo Guangchang, chairman of Fosun International said: “Tsingtao is both a leading brewery in China and a leading Chinese brand that has successfully penetrated the international markets. We are delighted to be the shareholder and strategic partner of Tsingtao.
“By partnering Tsingtao’s brand and product mix with Fosun’s efficient operating model and global happiness ecosystem, we are confident of Tsingtao’s future prospects. In its pursuit to better serve customers by leveraging the consumption upgrade in the brewery market, Tsingtao’s brand value and market share can be further enhanced.”
Huang Kexing, president of Tsingtao added: “We are very pleased to welcome Fosun as the shareholder of Tsingtao. Leveraging the resource synergies generated from the partnership, it is expected that Tsingtao can create new opportunities and drive future growth.”
China is the world’s largest beer market, and Tsingtao produces around 8 billion litres of beer annually in its 60 breweries located throughout the country.
© FoodBev Media Ltd 2024