Anheuser-Busch to pay $1.64b for rival SABMiller's stake in mainland beer maker
SABMiller will sell its 29 per cent stake in Harbin Brewery Group to rival Anheuser-Busch for $1.64 billion, ending the first takeover battle for a listed mainland company.
The South African-based company is set to bow out of the battle $965 million richer after it took its bid for the mainland's fourth-largest brewery off the table.
SABMiller had hoped to bolster its presence on the mainland through majority control of Harbin Brewery but said it was 'not an essential asset at any price'.
'Obviously we would like to have done the deal at an affordable, economic price, so that's what we regret - not being able to do that,' SABMiller managing director Andre Parker said.
SABMiller paid $675 million for a 29 per cent stake in Harbin Brewery less than a year ago. Last night, it said it felt it would be in the best interests of the company and its shareholders to accept Anheuser-Busch's offer.