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Japan's Asahi Breweries to take 20 pct stake in Tsingtao Brewery

Asahi.
by Staff Writers
 Tokyo (AFP) Jan 23, 2009
 Japan's biggest beer maker Asahi Breweries said Friday it has agreed to purchase a 19.99 percent stake in China's Tsingtao Brewery.

Asahi said it will pay 666.5 million dollars to take the share in mid-March from Anheuser-Busch InBev SA of Belgium.

By tightening the "strategic partnership" with Tsingtao, Asahi said it hopes to expand in the Chinese market.

The two firms have had a joint venture since 1997 in China to produce both Asahi and Tsingtao products.

Asahi has steadily expanded its overseas operations.

Last month, it announced a plan to buy Schweppes Australia from British confectionery maker Cadbury for 810 million US dollars.

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