Chinese investment group Fosun International has agreed to buy an 18 per cent stake in China’s Tsingtao Brewery for HK$6.6bn from Japanese beverage group Asahi.
Tsingtao, based in the northern Chinese city of Qingdao, is one of country’s oldest breweries and its most recognisable beer brand overseas, being sold in more than 100 countries.
The $847m acquisition will make Fosun the second-largest shareholder in Tsingtao, and grant it direct exposure to one of China’s best-selling beers in what is now the world’s largest market for the beverage. Tsingtao, which will remain the largest shareholder, also agreed yesterday to buy back a small stake in the company from Asahi for about $94m.
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