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SABMiller plc And China Resources Enterprise, Limited’s Joint Venture China Resources Snow Breweries Limited Announces Acquisition

SABMiller plc announced that China Resources Snow Breweries Limited (CR Snow), its joint venture with China Resources Enterprise, Limited ("CRE"), has entered into an agreement with Asahi Breweries Itochu (Group) Ltd ("Asahi") to acquire from Asahi the remaining 55% equity interest in Hangzhou Xihu Breweries Asahi (Stock) Co Ltd ("Hangzhou Xihu Beer") and the remaining 25% equity interest in Xihu Breweries Asahi (Stock) Co Ltd (Huzhou Brewery), for a total cash consideration of approximately US$47m. Following completion of the transaction, both companies will become wholly-owned subsidiaries of CR Snow. CR Snow acquired its existing 45% equity interest in Hangzhou Xihu Beer on 29 November 2010, and Hangzhou Xihu Beer currently owns a 75% interest in Huzhou Brewery.
8 Jan. 2013

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