* Danish brewer forms joint venture to expand China business
* It will own 30 pct of new J/V with Chinese partners
* New company will operate 12 breweries in China (Adds details, quote, share price)
Danish brewer Carlsberg (CARLb.CO) said on Monday it would own 30 percent of a new joint venture to be formed by Carlsberg, its Chongqing Brewery unit and Chongqing Light Textile Holding to boost its China business.
Carlsberg became the biggest shareholder in Shanghai-listed Chongqing Brewery (CBC) in 2010 with a stake of nearly 30 percent and expressed interest in expanding the Chinese operations in cooperation with CBC’s other main owner, Chongqing Light Textile Holding (CLT).
“CBC will own 51.42 percent of the joint venture, CLT 18.58 percent and the Carlsberg Group will own 30 percent,” Carlsberg A/S said in a statement.
The venture, Chongqing Xinghui Investment Co., Ltd, will operate 12 breweries in China located in the provinces of Chongqing, Sichuan, Guangxi, Guizhou and Hunan, Carlsberg said.
CBC will contribute its ownership of five breweries, CLT will contribute seven breweries and the Carlsberg Group will make a cash contribution of about 160 million Danish crowns ($30.90 million).
“The transaction is conditional upon a number of steps and approvals by authorities and minority shareholders,” Carlsberg, the world’s fourth biggest brewer, said.
Shares in Carlsberg were little changed, up 0.1 percent at 1440 GMT on a slightly soft Copenhagen bourse .
(Reporting by John Acher)
($1=5.178 Danish crowns)