Japanese brewing force, Asahi, is expected to acquire a 50% holding in Tingyi Holding Corp to take a large step into China’s beverage market, The Economic Daily News has reported. According to the report Asahi will pay almost US$1 billion. However the source for the story was not named. According to the paper, Tingyi chose Asahi over Coca-Cola Co. as its partner because the US company wanted more than a 50% stake in the company. On December 29, Tingyi asked the Hong Kong stock exchange to suspend trading in its shares as a major transaction will shortly be announced.

30 December, 2003