E-Malt.com News article: China: Foreign companies bid for China's Sedrin Brewery
Foreign brewers including Anheuser-Busch Cos. of the U.S. and its Dutch rival Heineken NV are among the bidders for a controlling stake in China's Fujian Sedrin Brewery, the Financial Times reported, citing people close to the situation.
The deal could value China's eighth-largest beer producer around $800 million, the report said. People close to the situation said Sedrin, based in the south-eastern province of Fujian, could also appeal to Belgium's InBev (INB.BT), which owns a brewery in a neighboring province.
The report said officials at Sedrin and the local state assets administration have confirmed that the government's 38.1% stake, plus a 1.4% stake held by a local government food research center, was for sale.
The remaining shares are privately held, according to a tender announcement for the government stake sale. However, since they are dispersed among several shareholders, the buyer of the government's stake would end up in charge of Sedrin, the FT said.
People close to the situation said the auction had begun in the past few weeks with potential buyers, including Anheuser and Heineken, having recently tabled preliminary bids or being in the process of doing so. Anheuser was unavailable for comment. Heineken declined to comment.
InBev SA declined to comment on reports that it is interested in acquiring a controlling stake in Chinese brewery Fujian Sedrin.
04 November, 2005